- What The City of Mississauga purchased a piece of a Camrost Felcorp development site
- Why The land will be used for a public park and a road extension
- What next Camrost’s development plans now call for three towers instead of four
The City of Mississauga purchased a portion of a development site in downtown Mississauga for $67m, Green Street News can reveal.
Camrost Felcorp offloaded the 0.7-acre parcel from its high-rise, mixed-use development site at 3672 Kariya Drive. The deal closed on Jan. 15.
The purchase was made as part of Mississauga’s Parks Plan, which addresses the city’s need for more green spaces. The city will use the land for a new public park and the extension of Webb Drive to Kariya Drive.
In addition to parkland dedication through development, the City of Mississauga is acquiring parkland directly from landowners in order to meet Mississauga’s growth needs. 3672 Kariya Drive was one of several properties the city purchased for parkland, having also recently acquired approximately 0.4 acres at 135 Dundas Street East.
Camrost Felcorp retains ownership of the remainder of the land on Kariya Drive and will proceed with developing a modified version of its project there, dubbed the Southlands (Exchange District South).
Plans now call for the construction of three towers, with two reaching 60 storeys and one reaching 40 storeys. Previous plans included a fourth, 72-storey tower, which is no longer part of the project. Occupancy is expected to take place in 2029, though the estimated date may shift.
The property is less than 1 km to Square One Shopping Centre, Highway 403 and Fairview Public School.
Camrost Felcorp is a Toronto-based developer led by chief executive officer David Feldman.
