“It really is all about the community coming together, the community working together, the community caring about each other.” – Councillor Jim Tovey, Ward 1
800 Hydro Road, Mississauga, ON
Ontario Power Generation
- Lakeview Generating Station
- Decommissioned in 2005
- Demolition & Remediation 2006-11
FUTURE CONTEMPLATED USE
Lakefront, mixed-use community
Total Site ~177 acres
2.6 km, including the pier
Jones Lang LaSalle Real Estate Services Inc. (“JLL”) is pleased to offer for sale a 100% freehold interest in 800 Hydro Road, Mississauga (“Lakeview”, the “Property”, the “Site”) which represents an irreplaceable opportunity to acquire a large scale, waterfront development site in the Greater Toronto Area (“GTA”). Comprising approximately 177.0 acres, the Property offers a potential buyer the ability to control one of the last remaining significant land parcels in the GTA able to facilitate a multi-phased development.
The Property formally operated as home to the Lakeview Generating Station, a coal-fired facility that was in operation between 1962 and 2005 before being demolished in 2006 and 2007. The Site now sits generally vacant and ready for development.
ATTRACTIVE MARKET CONDITIONS
The GTA housing market continues to garner national attention as pricing for all forms of housing remains on a rapid trajectory. For the last 12-month period, benchmark price gains were in the 30% range in Greater Toronto. In an effort to keep up with demand the majority of new supply is high-rise. Many home buyers are looking to suburban Toronto markets such as Mississauga as an alternative source of supply.
The sale of new condominium apartment units have been breaking records across the GTA. In particular Q1-2017 set a new quarterly record with a total of 9,932 sales recorded, a 73% year-over-year surge. The Mississauga condominium market is not exempt from the trends affecting the rest of the GTA and prices for townhomes in the sub-market have witnessed a year-over-year increase in pricing growth of over 35%.
UNPARALLELED LOCATION AND QUALITY SITE ATTRIBUTES
Lakeview benefits from a prominent location on the Lake Ontario waterfront in Mississauga, just south of Lakeshore Road East. The Property offers numerous locational and physical attributes which combine to make this one of the most desirable locations for residential development. The Site enjoys excellent accessibility, proximity to transit and abundant local area amenities including parks, schools and shopping. In addition to the future higher-order transit planned to serve Lakeview area residents, the Site benefits from its proximity to Port Credit GO station and Long Branch TTC and GO stations, just 3.5 km and 1.6 km to the west and east of the Site respectively.
FAVOURABLE PLANNING ENVIRONMENT
The transition of the Site from Utility to Mixed-Use has already begun and is strongly supported by the Municipality. The City of Mississauga is currently spearheading an Official Plan Amendment (OPA) process for the entire Site. The OPA reflects the principles of the earlier “Inspiration Lakeview” planning process. The Inspiration Lakeview Master Plan was the result of a long-term visioning process for the area which began in 2010. This significant planning work, both completed and in-progress, provides an advantage to a potential developer by expediting land use evolution and facilitating a shorter timeframe to construction.
Lakeview is surrounded by a unique amalgamation of established residential neighbourhoods, commercial buildings, public utility facilities, marinas, recreational fields, many waterfront parks and greenspaces, golf courses and all with proximity to Lake Ontario.
Note from MPP Charles Sousa
Today, Charles Sousa, MPP for Mississauga South announced that the redevelopment of the Lakeview site is moving forward with the sale of the property by the Ontario Power Generation (OPG). The 177 acre site is located along the shores of Lake Ontario and will be home to a sustainable new community of approximately 15,000- 20,000 people along Mississauga’s eastern waterfront.
The sale is an historic step forward in realizing the “Inspiration Lakeview Master Plan,” which aims to repurpose the site of the former Lakeview Generating Station and create a vibrant community featuring six new neighborhoods, significant green space, and a new publicly accessible waterfront and connected trail system.
To ensure the shared vision developed by the Province, OPG and the City of Mississauga is supported, the purchaser of the site will be obligated to remediate and transfer 67 acres of land to the City of Mississauga.
The real estate advisory firm Jones Lang Lasalle is managing the sales process of the site.
- The purchaser will be required to fully remediate the land and complete preparation/improvement work to Ministry of Environment and Climate Change standards before transferring it to the City of Mississauga.
- A portion of the proceeds from the sale are set to go to the Trillium Trust Fund, which is dedicated to improving infrastructure in Ontario.
- The 2005 closure of the Lakeview Generating Station was part of the government’s closure of all coal-fired stations. At one point, Lakeview was the largest coal-fired plant in the world. Replacing coal-fired electricity generation remains the single largest climate change initiative undertaken in North America and was the equivalent of taking up to 7 million cars off the road.