Mississauga reaches agreement milestone for Lakeview Village development
The City of Mississauga is pushing forward with development of the waterfront Lakeview Village project.
Earlier this month, council approved a bylaw to authorize an agreement that outlines the community benefits and affordable housing requirements that will support more homes and bring the area to life.
The vision for the project is to transform the site of the former Lakeview Power Generating Station into a sustainable new community. The 177-acre site includes housing, parks, trails, transit and recreational opportunities. The area will drive tourism, foster innovation, spur economic growth and attract a new generation to Mississauga’s former industrial waterfront.
When Lakeview Village was approved for development in 2021, it was zoned for 8,050 units. The city later applied for, and was issued, a ministerial zoning order that increased the number of units to 16,000. A subsequent ministerial order that was issued last spring required the city and Lakeview Community Partners Limited (LCPL) to enter into agreements to address matters including community benefits and affordable housing.
The agreement for the increased units includes a contribution of $28 million from LCPL to support the reconstruction of the Lakeview Village Pier, and a commitment to building five percent affordable housing units at the development and a further five per cent for a mix of types and tenure, including shared equity mortgage or market rental.
“Mixed housing is one of the city’s top priorities,” said Mayor Carolyn Parrish. “It’s essential we continue to speed up the process. I’m pleased we now have the necessary agreements in place to make Lakeview Village a showpiece of urban design. The village is creating a liveable, walkable waterfront community with interesting parks, an iconic pier and an innovative employment hub.”
With the agreement in place, the city is moving forward with approving site plan approvals for the first residential development blocks, finalizing the design and implementation of the Lakeshore bus rapid transit corridor, and planning for the Lakeview Village Innovation Corridor.
The city will work with the province and LCPL to enable the construction of a municipal parking structure to address the increased density for Lakeview Village. The parking structure, which is necessary to support the influx of new residents and visitors to the area, is also important to the future success of employment uses within the Innovation Corridor.
The Innovation Corridor is expected to feature more than 1.5 million square feet of employment space, for 9,000 skilled jobs in research and development.