Oxford Properties Group, the real estate investment arm of the Ontario Municipal Employees Retirement System, and the Alberta Investment Management Corp. are planning to develop the area around a Mississauga, Ont. shopping centre into a mixed-use neighbourhood.

The development is set to transform the 130-acre area around the Square One Shopping Centre into 18,000 residential units, a connection to the Hurontario light rail transit hub, office space, parks and community buildings. The mall will remain, providing the anchor for the community project. In the first phase, two residential towers will go up starting in summer 2020, featuring 402 rental apartments and 575 condominium suites.

“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,” said Eric Plesman, executive vice-president and head of North America for Oxford Properties, in press release. “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.”

Under the plan, more than half of the residential units will be rental apartments. As for office space, the project expects to begin marketing its new office towers to prospective tenants in the second quarter of this year.

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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