10-tower 'M City' condo project announced in Mississauga
$1.5 billion development will include 6,000 residential units
The family of telecom and media mogul Ted Rogers has announced plans for a $1.5 billion real-estate development in downtown Mississauga.
Dubbed the "M City" project, the parcel will include a 10 residential condo towers and two acres of parkland with frontage on Burnhamthorpe Road -- one of the city`s main streets.
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The project was announced Tuesday by Mayor Bonnie Crombie and Edward Rogers, son of Ted Rogers, who became one of Canada`s wealthiest people through his involvement in the broadcasting and publishing industries — in particular Rogers cable and wireless services. He died in December 2008.
Crombie says the project is an unprecedented investment in Mississauga.
"We`re very excited this new M City project will be built here on the Rogers land with 10 buildings on 15-acres and a dedication of two acres of parkland right in the downtown core of our city," she said during a news conference Tuesday. `It`s adding to our plan of a liveable, walk-able downtown.`
New logo unveiled for 10 condo development in <a href="https://twitter.com/hashtag/Mississauga?src=hash">#Mississauga</a> <a href="https://twitter.com/hashtag/mcity?src=hash">#mcity</a> <a href="https://t.co/9hHUzXv3yw">pic.twitter.com/9hHUzXv3yw</a>—@LindaWardCBC
The plans allow for 6,000 units for rent or sale, ranging in price from $200,000 to $700,000 with the first phase of construction beginning in late 2017 or earlier 2018 and continue in stages over the next decade. The first tower is expected to make an iconic addition to the skyline with 51 undulating stories and 700 units which will go up for sale in the new year.
One of the project`s urban planners, Mark Reeve, says they are offering an alternative comparable to downtown Toronto.
"Starting price will be under $200,000 for a one-bedroom suite, so we`re trying to take people looking at downtown (Toronto) where they`re a lot more expensive and have them take a look at what we`re doing out here," he said.
The community will be within easy access of the planned LRT and infrastructure improvements will be made to accommodate the 15,000 residents who will call the towers home. Reeve says the project was designed to fit into Mississauga`s Downtown `21 strategy to make the city core more vibrant and resident-friendly.
It is also expected to provide a lasting boost to the local economy, Edward Rogers said during the ceremony.
"We`re thrilled to be able to employ 100s of people that it will take to build M City and many jobs will be here on a permanent basis to run M City," he said.
Despite the possibility of increased traffic and construction, local residents interviewed by CBC News say they believe the development will be good for the city.
Former construction boiler maker Stephen Rothdeutsch said he isn`t really worried about traffic or shadows the condos may create. Building the economy is more important, he says
"Ì`m all for development. Development brings jobs and that`s what matters right now," he said, adding that those who are uncomfortable with high-rises shouldn`t live in an urban area.
"They moved to the city so they should expect that."
The six-hectare parcel of land was originally purchased in 1960 for a radio transmitter at a cost of $170,000 and the M City project has been in the works since 2007. The Rogers transmitter is now located on the CN Tower.
Rogers Real Estate Development Ltd. will own and develop the project. It has engaged New York-based Cooper Robertson to design the framework and Canadian developer Urban Capital to manage the process.
with files from Canadian Press