Mississauga, developer reach agreement on waterfront development
The City of Mississauga and developers Lakeview Community Partners Ltd. (LCPL) are moving forward with agreements that will allow the construction of new housing to begin at the 177-acre Lakeview Village development on the city’s waterfront.
Earlier this week, Mississauga’s city council approved a bylaw to authorize a subdivision agreement which will enable LCPL to get shovels in the ground on the first 8,050 units on the site.
The agreement ensures that LCPL meets the city’s parkland requirements, completes future transportation studies and commits to necessary traffic improvements, completes odour and noise mitigation measures, sets aside land for a Peel District School Board school site and provides a mix of housing units of which a minimum of five percent are affordable units.
Council also approved a bylaw to execute a community benefits agreement with LCPL. Under the agreement, LCPL will provide the city with a $14-million contribution that will be used for the Lakeview Pier and other cultural amenities.
“This is a significant milestone. The city has been working closely with the Office of the Provincial Land and Development Facilitator and LCPL for almost a year to ensure the increased density assigned for Lakeview Village will be built in an appropriate way,” said Acting Mayor Matt Mahoney. “We remain committed to attracting a new generation to live and work in Mississauga by doing what we can to support the transformation of this area into a liveable, walkable, waterfront community connected by parks, open spaces, cultural facilities and an innovative employment hub.”
Through a provincial facilitator, the city and LCPL have been working to finalize a number of agreements in order to proceed with the development. These agreements include important requirements needed to accommodate up to 16,000 residential units on the site in the years ahead. The site was originally zoned for 8,050 units, but an enhanced Ministerial Zoning Order issued in May 2023, doubled that number to 16,000.
“We are pleased to be moving forward with the development of Lakeview Village so that we can get homes built and welcome new residents to one of Mississauga’s most important waterfront sites,” said Shari Lichterman, City Manager and CAO. “We’re pleased that LCPL has committed to ensuring the area has the schools, transportation infrastructure, affordable housing, parks and cultural facilities the community needs to thrive, and will be making significant investment into the community to support increased density on the site.”
The city will continue to work with LCPL and the provincial facilitator to finalize the remaining agreements for development beyond 8,050 units by October 1, 2024.