Artist’s conception of The Strand, the transit-connected and pedestrian-friendly heart of Square One District. (Courtesy Oxford Properties)
Oxford Properties Group and AIMCo have unveiled what will be the largest mixed-use downtown development in Canadian history, the 130-acre Square One District. The project is named after the shopping centre at the heart of the 18-million-square-foot Mississauga development.
What is today acres of parking lots will be transformed into a “vibrant community” of more than 18,000 residential units, a transit mobility hub connected to the Hurontario LRT, community buildings, parks, green spaces and office space. The project will be anchored by Square One Shopping Centre, one of the best-performing malls in Canada.
Bounded by Burnhamthorpe, Confederation Parkway, Highway 403 and City Centre, Square One District is planned as a multi-phase, multi-decade project which will develop with the needs of the City of Mississauga.
“Square One District is a bold vision to repurpose underutilized land in the heart of downtown Mississauga to create an entirely new mixed-use urban community,” saidd Eric Plesman, executive vice-president and head of North America for Oxford Properties, in a release Tuesday.
“Our ambition is to build a community more than 35,000 people will be proud to call home. This new community will support employment with world-class office space to help businesses grow while maximizing the positive impact of new transit being developed in Mississauga.
“It will be a place where business, life and leisure can come together as one.”
(The development is also being announced at a major event at Square One. RENX’s Steve McLean is in attendance, and will file a full story later today, so watch for updates.)
Daniels a partner in housing towers
To deliver the first phase of housing, Oxford and AIMCo are partnering with The Daniels Corporation to construct two residential towers with 402 rental apartments and 575 condominium suites.
Located at the southeast corner of Rathburn Road and Confederation Parkway, The Rental Residences and The Condominiums of Square One District will be 36 and 48 storeys, respectively, with construction to start in summer 2020.
With a rental housing shortage in the Greater Toronto Area, over half of the more than 18,000 residential units to be built are planned as rental apartments.
The heart of Square One District will be The Strand, a pedestrian-friendly, connected civic space anchored by a transit hub and community park. It will be connected to both the Hurontario LRT and local rapid bus transit.
With its residential, retail and office uses alongside public amenities, Square One District aligns with the city’s vision to create a vibrant downtown core for Mississauga.
“This is a real opportunity to deliver a walkable, downtown district in Mississauga that gives residents and workers an exceptional array of destination retail, food and entertainment options,” said Mark Cote, Oxford Properties’ dead of development for Canada, in the release.
“Square One District is about creating a true mixed-use community.
“We will work collaboratively with the city and its residents to build a vibrant downtown that meets the evolving needs and aspirations of Mississauga for generations to come.
“Oxford is recognized as a global leader in sustainability and is building the first two zero carbon office towers in Canada. We will bring this experience to Square One District to create a forward-thinking and sustainable community.”
Square One District anchor
Map view of 130-acre Square One District and the surrounding area in Mississauga.(Courtesy Oxford Properties)
Square One District is anchored by the Square One Shopping Centre which attracts 25 million shopping visits annually and has seen more than $500 million in improvements over the past five years.
The most recent redevelopment includes the 34,000-square-foot Food District, an artisanal food market featuring an array of speciality products, restaurants, tastings and cooking events. Square One now boasts approximately 100 bars, restaurants and eateries including the new Rec Room with its ‘eats and entertainment’ concept.
Office space will play an important role in turning Square One District into a true, large-scale mixed-use project, Oxford’s release states. The new office towers will be the first commercial development in downtown Mississauga in a generation.
Oxford will begin marketing the first office tower to prospective tenants in Q2 2020.
Sales for the first condominium tower will also start this spring.
“Oxford and AIMCo’s plan for Square One District recognizes the important role housing plays in creating a holistic and healthy urban community, and we are thrilled that they have trusted Daniels to deliver on the critical first phase,” said Niall Haggart, executive vice-president, The Daniels Corporation, in the release.
“Daniels has an outstanding history of bringing master-planned communities to life that go above and beyond the traditional approach to development. We welcome the opportunity to continue to build on our 15-year history in Mississauga’s City Centre.”
About Oxford Properties Group
Oxford Properties Group manages approximately $60 billion Cdn of assets across the globe on behalf of its co-owners and investment partners.
Oxford’s portfolio encompasses office, retail, industrial, hotels and multifamily residential and spans more than 100 million square feet in global gateway cities across four continents.
With its global headquarters in Toronto, Oxford operates out of over 15 regional offices including New York, London, Luxembourg, Singapore and Sydney.
Oxford is owned by OMERS, the defined benefit pension plan for Ontario’s municipal employees.
About AIMCo
AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than $115 billion of assets under management.
AIMCo was established on Jan. 1, 2008 and operates at arms-length from the Government of Alberta, investing globally on behalf of 31 pension, endowment and government funds in the Province of Alberta.
AIMCo’s $20.2-billion real estate portfolio includes core strategy assets, comprising long-term, direct investments in quality office, retail, industrial and multi-unit residential properties located in Canada’s major cities, and foreign program assets, comprising opportunistic investments targeted to quality real estate assets, in markets with long-term growth characteristics, and supported by strong local management teams.
About The Daniels Corporation
The Daniels Corporation is one of Canada’s pre-eminent builders/developers, building more than 30,000 new homes and rental residences across the Greater Toronto Area for over 35 years.
Daniels is the 2019 recipient of Tarion Warranty Corporation’s prestigious Ernest Assaly Award and has been recognized as the “Ontario High Rise Builder of the Year” numerous times.
Daniels has a legacy for creating master-planned landmark communities such as TIFF Bell Lightbox and Festival Tower in Toronto’s Entertainment District, Daniels City Centre in Mississauga’s downtown core as well as Daniels Spectrum and the Regent Park Revitalization in Toronto’s Downtown East.
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
