Mississauga considers what business district will look like as part of 8,000-home waterfront community
Published April 6, 2023 at 12:58 pm
Mississauga officials are considering what exactly a “state-of-the-art” business district planned as part of a huge new mixed-use waterfront community will look like and offer when completed.
As the City of Mississauga and developer work to “bring the Lakeview Innovation District (LID) to life,” they’re looking to create an incentive program that will “help transform a former industrial area along the waterfront into a 20-acre innovation campus” situated in the midst of the 177-acre Lakeview Village.
Lakeview Village is an award-winning development that will feature 8,050 new homes and bring some 9,000 long-term jobs to Mississauga.
It’s also expected to offer visitors a $100-million pier that would be the largest, by far, on Lake Ontario.
City officials say the LID will become “an employment hub where people can research, test and develop solutions in state-of-the-art offices, flex-offices and lab spaces.”
They add they’re seeking input from residents, businesses and the public at large as the City develops a Community Improvement Plan (CIP) to help bring the LID to life.
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It could include incentives to encourage uses such as:
- clean technology, including low-carbon technology
- life sciences
- information and communications technology
The City says input is needed to help define the types of incentives, both financial and non-financial, to help attract these uses.
“Waterfront redevelopments like Lakeview provide a unique, generational opportunity to foster innovation and spur economic growth and leading-edge technology,” said Christina Kakaflikas, director of the Mississauga Economic Development Office. “Mississauga is the second-largest employment hub in the Greater Toronto Area and the second-largest economy in Ontario. The Lakeview Innovation District will solidify our position as a major economic hub by creating thousands of highly skilled jobs in the key sectors we’re invested in growing on our waterfront.”
Possible incentives to consider, the City notes, include:
- grants equivalent to post-development property tax increases
- municipally funded parking assistance
- below-market municipal property
The survey is available until April 21.
City officials add that the LID is “poised to become a world-renowned centre for innovation and new business. It will connect researchers, entrepreneurs, office and lab workers to local and regional transit, parks and trails, residential, retail and cultural space including year-round arts and recreational programming.”
Lakeview Community Partners Limited (LCPL) is developing the new community, which will be built out over the next 15-20 years.
It will rise up on the land where the Lakeview Generating Station and its four stacks once stood.
LCPL said earlier that the ambitious project will serve as a model for sustainable mixed-use developments across the country.
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