Ontario Construction News staff writer
RGF (Mississauga) Developments Inc., led by HBNG Holborn Group, has purchased the 4.5 acre Mississauga YMCA building and parking lot, and the developers plan to erect “multiple mixed-use towers atop of ground floor retail” there.
The developers said in a statement last Thursday that they closed the transaction on Dec. 15 for the site at the north east corner of Burnhamthorpe Rd. W. and Confederation Pkwy. They did not disclose the purchase price, but said that the YMCA has negotiated a lease and will continue to operate at the property as a tenant.
“The future development of this signature property will take place over several phases and will potentially consist of multiple mixed-use towers atop of ground floor retail,” the statement said. “This project is expected to be a statement addition to the City of Mississauga’s unique and burgeoning skyline.”
“Population growth in Peel Region is projected to reach 2 million residents by 2041, thus we see this as an excellent opportunity to add to the much-needed housing supply of the region,” said RGF president John A. D’Angelo. “With construction of the Hurontario LRT expected to be completed by 2024, Mississauga City Centre is primed for tremendous growth and connectivity in the coming years”.
“By virtue of this exceptional location, future residents will enjoy access to not only world class shopping but also cultural amenities such as The Living Arts Centre and The Art Gallery of Mississauga as well as easy access to parks and conservation areas,” the statement said.