A $1.5-billion, 4.3-million-square-foot development is set to rise in a Mississauga farm land that was once owned by deceased telecom pioneer Ted Rogers.
On September 27, Mississauga Mayor Bonnie Crombie and private holding company Rogers Real Estate Development Limited announced the 10-tower, 15-acre project situated downtown, the Toronto Star
“Rogers has an enduring history with the City of Mississauga,” according to Edward Rogers, son of Ted. The elder Rogers purchased the land for just over $170,000 in the 1960s, and initially planned for a radio transmitter to be constructed on the site.
“We believe in the city and in the vision that was set forward in Downtown21,” Edward said. “It’s a wonderful project. It will be built to specifications that would have made Ted proud.”
The development, which was dubbed M City, will adhere to the Mississauga authorities’ current strategy that prioritizes pedestrian-friendly spaces characterized by abundant greenery, community squares, and outdoor markets.
Approximately 6,000 units will be made available for sale or rent, with a price range of around $200,000 up to $750,000. The towers will offer state-of-the-art amenities like wireless high-speed internet and cable TV. Construction is scheduled to start on late 2017 or early 2018, with the Rogers family maintaining ownership of the land.
“[They’re] a renowned Canadian corporate entity that doesn’t have to squeeze every penny out of this, Rogers is creating a legacy here,” councillor Nando Iannicca said.
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