Square One District – 37 Tower Housing & Commercial Development
Big News for the City of Mississauga!
Oxford Properties & AIMCo, the owners of Square One Mall intends to turn the parking lots around the Square One Mall into a vibrant walkable community with thousands of housing units. This mixed-use development will feature 37 towers and 18,000 residential units with room for 35,000 people. It will also feature parks, office space, retail space and a pedestrian-friendly civic area called “The Strand”. This mega project is in line with the City of Mississauga’s master plan.
At least half of the units will be purpose-built rental apartments. They will be available at market rent but there won’t be any affordable housing. About 40% of the units in the first phase will be 2 or 3 BR units to make them attractive to families. Added advantage for residents is the connectivity with the Hurontario LRT and Rapid Bus Transit. This lifestyle complex will be home to eateries, open public spaces, and vibrant streets and piazzas.
Square One District Fact Sheet
* The Square One District is a multi-phase, multi decade project
* 18 million sq ft * 130 acres around the Square One Mall * 37 towers
* 18,000 residential units * 35,000 residents * more than half to be rental apartments
* Commercial office & retail space
* Boundaries: Burnhamthorpe Rd, Confederation Pkwy, Hwy 403 & City Centre Dr
* Developed by Oxford Properties & AIberta Investment Management Corporation (AIMCo)
* Masterplan Architects: Hariri Pontarini Architects
* Partner for first residential phase: The Daniels Corporation
The Condominiums at Square One District – 48-storeys high residential tower has been launched for Platinum Sales (September 2020). Contact Team Kalia to get first access (before public launch) to limited-time Platinum level benefits including floor plans, prices & incentives!
Will there be Affordable Housing?
Eric Plesman from Oxford Properties said the development will have a mix of accommodations and price points but acknowledged there were no plans for affordable housing units, which are typically priced below market value or 30% of household income before tax. He said that by boosting purpose-built rental supply, however, the development could help “bring the market back into check.” “Affordability will get tackled over time as supply continues to get addressed”.
According to Geordie Dent, executive director of the Federation of Metro Tenants’ Associations, making housing more affordable would require a large-scale government-funded building program.
Above: Proposed two Towers from Daniels Launching 2020 & 2022
Our Two Cents!
Average price of condos in Square One area went up 19% from Q4 2018 to Q4 2019. Average rent in Mississauga went up by 8% during the same period. Square One District promises to address housing supply issue in the GTA. This is the need of the hour as Ontario is facing acute housing shortage as so many newcomers are coming to the GTA, especially Mississauga.
Square One District will definitely add a lot condominiums for sale including many rental apartments to the market.
With more inventory, both the double digit surge in prices and low vacancy rates can drop. In a way, Mississauga Square one condo market can become a more balanced condo market with a slower price growth in the next decade.
Illustrations Courtesy: Square One District
