TORONTO– Oxford Properties Group, a leading global real estate investor, developer and manager, alongside Alberta Investment Management Corporation, unveiled its plan for the transformation of 130-acres around the Square One Shopping Centre into an 18 million square foot master planned mixed-use neighbourhood of the future. Square One District is the largest mixed-use downtown development in Canadian history.
What is today swaths of parking lots will be transformed into a vibrant community that will eventually comprise more than 18,000 residential units, a transit mobility hub connected to the Hurontario LRT, community buildings, parks, green spaces and forward-thinking office space. All of which 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 anticipated to be a multi-phase, multi-decade project that allows the community to grow in lockstep with the needs of the City of Mississauga and its residents.
To deliver the first phase of housing, Oxford and AIMCo are partnering with The Daniels Corporation (Daniels), one of Canada’s leading residential builders and developers, 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 are 36 and 48 storeys respectively with construction to start in summer 2020.
“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,” commented Eric Plesman, Executive Vice President and Head of North America for Oxford Properties. “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.”
Against the backdrop of a rental housing shortage in the GTA, over half of the more than 18,000 residential units to be built will be rental apartments. The heart of Square One District is The Strand, a pedestrian-friendly, connected civic space anchored by a transit hub and a community park. The new district will be connected to both the Hurontario LRT and 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. 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,” added Mark Cote, Oxford Properties’ Head of Development, Canada.
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. A significant portion of this investment has elevated the customer offering, delivering a richer community experience by strengthening food, beverage and entertainment options. 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. The new office towers will be the first commercial development in downtown Mississauga in a generation. When combined with the tens of thousands of residences in walkable proximity, transit accessibility and existing large-scale retail and entertainment options, Square One District delivers a compelling proposition for employers looking to attract and retain talent. Oxford will begin marketing the first office tower to prospective tenants in Q2 2020.
To start bringing the vision for Square One District to reality, construction of its first phase of housing starts this year. Sales for the condominium start this spring and will offer residents exclusive partnerships and services with Square One Shopping Centre.
“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. 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,” said Niall Haggart, Executive Vice President, The Daniels Corporation.
SOURCE Oxford Properties Group Inc.