PHOTOS: A Very Luxurious New High-Rise is About to Break Ground in Mississauga
Not everyone loves condos, but they're a common fixture in Mississauga's real estate scene and they're not going anywhere.
And a highly-anticipate one is about to break ground in Mississauga.
Edenshaw Park Developments Ltd. (Edenshaw), the developers of the TANU condos, recently announced that its 15-storey condominium is expected to be completed by 2021. The high-rise building will have 204 units and three levels of underground parking.
The local Port Credit developer is set to break ground on its newest project TANU just four months after hitting the market.
This month, Edenshaw says it plans to invite the Port Credit community, local leaders and customers to officially begin the construction of what it has deemed the area's newest and greatest bespoke condo.
"Together with architecture firm, IBI Group, Edenshaw is committed to building residences that evoke sophistication and compliment the local neighbourhood," Edenshaw said in a news release.
"President and CEO, David McComb, has been living in the village of Port Credit for more than 20 years is excited about the overwhelming reception the project has received and how Edenshaw plays a hand in exposing what the Port Credit community has to offer its residents."
The groundbreaking will take place soon at the Edenshaw Experience Centre (72 Lakeshore Rd. E.).
A few months ago, TANU released a pricing list and floor plan.
A 636 square foot condo is priced in the mid $500,000s. The smallest townhome with 1,360 square feet is listed at a price of $1.2M.
Suite sizes range from 636 to 2,270 square feet.
Some amenities that are expected to be part of the development including a fitness centre with cardio and weight rooms, a yoga studio, a fitness deck, a games room, a movie screening lounge, a pet spa, a business and co-working centre, BBQ's and lounge seating.
TANU stands for Tranquil, Amenity Rich, Naturally Crafty and Urban Village and is fitting for where the condos are located on 21-29 Park Street east; the south side of Park Street East and east of Stavebank Road.
Right near the heart of downtown Port Credit, residents of this future development will have easy access to the Port Credit GO, the soon-to-be-built LRT line, the Lakeshore waterfront, as well as local shops and restaurants.
"Local developer, Edenshaw, is known for quality, innovative design and their commitment to crafting communities. With mindful development as their cornerstone, Edenshaw is dedicated to building spaces that improve and understand the intricacies of the location," the company said in a recent news release.
This development has been a topic at City Hall since the beginning of the year. Most often, concerns expressed were in relation to the height of the building compared to surrounding structures as well as increased traffic flow.
“The local area study ensures that the heights and the building massing are maintained in Port Credit to retain the village context,” McComb said in response.
The site is marked as what’s known as a “residential high density area,” as it is located next to an intensification corridor and higher transit. This means that redevelopment of under-utilized lots is encouraged to take advantage of existing services and transit.
McComb says one of the benefits of the mid and high rise density developments is that they address growing concerns regarding affordable housing.
While condos are becoming more expensive in Mississauga and surrounding cities, they remain the last affordable home type, typically costing buyers about $500k (or, in many cases, less).
“Our housing needs change, and this means providing either an affordable form of housing where children of residents can purchase their first home near the neighbourhood where they grew up or conversely where children can assist their aging parents in finding low-maintenance housing closer to their family,” says McComb.
With completion of the building by 2021 it will be interesting to see how this development contributes to the growth of the downtown Port Credit core.
With files from Melissa Stolarz
UPDATE: This article has been updated to reflect the fact that the groundbreaking has been postponed.