MISSISSAUGA, ONT. — West Village Partners (WVP) has announced it has concluded the purchase of the 72-acre former industrial site at 70 Mississauga Rd. S. in Port Credit, Mississauga with plans to develop the property into a mixed-use community with a proposed 2,500 housing units.
Working as WVP, the developer is a joint venture between Kilmer Group, Dream Unlimited Corp., Diamond Corp. and FRAM + Slokker. The unveiling of the partnership and a proposed master plan took place May 1 at an event attended by Mississauga Mayor Bonnie Crombie, local councillor Jim Tovey and Mississauga city manager and CAO Janice Baker. Speaking on behalf of the developer was Ken Tanenbaum, vice chairman of Kilmer Group.
The site has housed brickworks, a century ago, and an oil refinery from 1932 to 1988.
A City of Mississauga report released in 2015 and titled Inspiration Port Credit laid out a planning vision for the site, with WVP participating in the master planning process.
WVP's master plan for the housing component includes a range of forms including townhomes, mid rise and highrise, notes the media statement. The plan includes approximately 200,000 square feet of commercial development, both retail and office; a new waterfront park, with a beach and ecological gardens, connecting J.C. Saddington Park west to the Brueckner Rhododendron Gardens; four green corridors linking the waterfront to Lakeshore Road, offering numerous "neighbourhood gathering places"; and a community centre, possibility in partnership with the YMCA and Evergreen in The Campus.
WVP estimates there will be 1,000 jobs created during construction and 1,000 jobs post construction.
The plan also calls for a rejuvenation of Lakeshore Road West and the creation of a Village Square Central Street Promenade as the site's central spine.
Site studies are currently underway with the goal of beginning site works in fall 2017. Subject to approvals, a phased construction schedule is anticipated to begin in 2019.
"We're determined to deliver a special community that will raise the bar for architectural and design excellence and to transform this section of the Port Credit shoreline into a dynamic waterfront community with places to live, work, shop and play," said Tanenbaum.
After a lengthy planning process and an RFP phase, WVP was selected last December by Imperial Oil as the winning bidder to purchase the lakefront property. The purchase was concluded in March.
Kilmer Group of Toronto was most recently involved in the construction of the Athletes' Village for the Pan Am/Para Pan Am Games.
Dream Unlimited is a Toronto-based real estate development and management company with approximately $14 billion of assets under management in both North America and Europe.
Diamond Corp. of Toronto is a real estate management company with a portfolio representing over 17 million square feet of gross floor area and approximately 15,000 new homes including three major master-planned mixed-use communities throughout the GTA.
Fram + Slokker of Mississauga is active in planning, designing and building residential and mixed-use communities across Canada and the United States.