Mega Mississauga six-tower condo project provides $15 million ‘gift’ for affordable housing

A deal to bring a six-tower condo complex north of Square One will see Mississauga receive $15 million from the developer for affordable housing.

The project, located near the northeast corner of Eglinton Ave. E. and Hurontario St., will see six condos with heights of 37, 35 (two), 25, 24 and 19 storeys which will house 2,433 units as well as retail and office space. Sixteen three-storey townhomes and a park are also included in the plans for the area.

Sitting at 91 Eglinton Ave. E. adjacent to a plaza that already exists on the corner, the property is considered one of the last remaining parcels of land that hasn’t been developed in that area.

Plans call for the project to have mostly direct frontage onto Eglinton with the park behind.

City of Mississauga reports indicate the proposal put forward by Liberty Development Corporation fits in well with the surrounding neighbourhood that already includes several existing and proposed condo towers, townhouses and shopping plazas.

As part of the deal, the developer has agreed to pay $15 million to Mississauga as a “community benefits” contribution that will be used to build up to 125 affordable housing units that may become part of the overall complex.

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A relatively new concept, “community benefits” are defined as facilities or cash secured by the City and provided by an owner/developer for specific public capital facilities, services or other matters such as the provision of public art or transportation facilities, streetscape improvements, or, as in this case, funds for low-cost housing.

“It’s a $15 million gift to the City and I thank Liberty (the developer),” said Mississauga Ward 5 Councillor Carolyn Parrish during a planning committee meeting earlier this week.

There is no timeframe on when the project will begin.