Changes Coming to a Building at Major Mississauga Intersection
A substantial office building in Mississauga has been flagged for redevelopment following a joint private sector acquisition.
Crown Realty Partners and Plaza Partners recently announced the closing of a joint acquisition of the 30 Eglinton Avenue West commercial building, which is located at the Eglinton Avenue West and Hurontario Street intersection.
The eight-storey structure (which you can see below) is comprised of a 113,435 square foot office building and 51,296 square feet of retail on a 6.4-acre site.
In a joint news release, the companies note that the building, which is located in a prime spot in Mississauga’s downtown area, is an ideal location for mixed-use redevelopment.
The building is currently home to a number of commercial, retail and foodservice companies, including Edward Jones, Royal LePage, Mastermind Toys, The Wilcox (which is located in an attached historic house), Tim Hortons and more.
It’s not surprising that the companies would focus on a building of its scope and scale, as it’s served by MiWay and is close to a future Hurontario LRT stop.
While it’s not yet clear what the building will eventually look like, it does appear that it could be redeveloped to include some living space as well.
It could also change in size and scale.
The companies say the property’s transit-oriented location makes it a good candidate for high-density residential purposes (which likely means condo or apartment units). Once the building is redeveloped, it could include approximately 1.5 million square feet of residential, commercial and retail space within multiple adjoining towers.
“This is a unique opportunity to participate in a redevelopment that will enhance and complement the existing commercial uses at 30 Eglinton,” said Pinny Kaufman, president, Plaza Partners, in a news release.
“We look forward to working with our partner to create another vibrant community in the City of Mississauga.”
The building at 30 Eglinton is the first joint venture completed by Crown and Plaza Partners. The companies say Crown will oversee the repositioning of the office component of the site and manage the leasing and property. Plaza Partners will oversee the rezoning/entitlement of the site as a mixed-use office, retail and residential community.
“We see an opportunity to add value to the existing office building through building and tenant upgrades and a renewed leasing strategy,” said Emily Hanna, partner, investments at Crown, in a press release.
“We are happy to be partnering with a leading developer, Plaza Partners, to realize our longer-term mixed-use vision for 30 Eglinton.”
Cover photo courtesy of @idris.yyz
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