Mississauga’s waterfront revitalization is moving forward with more housing at Lakeview Village

Lakeview Village, a new development on one of Mississauga’s most iconic waterfront sites, is moving forward. City Council has approved a by-law to authorize an agreement outlining community benefits and affordable housing requirements that will support more homes and bring the area to life.

Lakeview Village is transforming the site of a former coal-burning power plant into a modern, sustainable new community. The 177-acre site includes housing, parks, trails, transit and recreational opportunities. The area will drive tourism, foster innovation, spur economic growth and attract a new generation to Mississauga’s former industrial waterfront.

Getting ready for more homes

When approved in 2021, the Lakeview Village development was zoned for 8,050 units. In an effort to increase Ontario’s supply of housing, an enhanced Ministerial Zoning Order (MZO) was issued in late 2023 which increased the number of units to 16,000. In April 2024, a Ministerial Order was issued, requiring the City and Lakeview Community Partners Limited (LCPL) to enter into agreements to address matters including community benefits and affordable housing.

Over the last few months, the City has been working closely with the Office of the Provincial Land and Development Facilitator and LCPL on an agreement to ensure the increased number of homes (above the approved 8,050) will be built in an appropriate way.

The agreement for the increased units includes the following provisions:

• Community benefits: LCPL will provide a contribution of $28 million to support  the reconstruction of the Lakeview Village Pier. This is in addition to the $14 million committed through a community benefits agreement related to the first 8,050 units on the site.
• More affordable housing: Five per cent of all units constructed beyond 8,050 units – up to 16,000 units – will be affordable and a further five per cent will be for a mix of types and tenure, including  shared equity mortgage or market rental.

This agreement builds on an earlier agreement between the City and LCPL which addressed the first 8,050 units on the site. That agreement outlined the City’s parkland requirements, necessary transportation studies and traffic improvements. It also required LCPL to complete odour and noise mitigation measures, set aside land for a Peel District School Board school site and provide a mix of housing units of which a minimum of five per cent would be affordable units.

Building a new community

With these agreements in place, the City is moving forward with:

• Approving site plan approvals for the first residential development blocks
• Park design and development plans for the many parks and public spaces in the community including the Lakeview Village pier
• Finalizing the design and implementation of the Lakeshore bus rapid transit corridor
• Planning for the Lakeview Village Innovation Corridor

The City will work with the province and LCPL to enable the construction of a municipal parking structure to address the increased density for Lakeview Village. The parking structure, which is necessary to support the influx of new residents and visitors to the area, is also important to the future success of employment uses within the Innovation Corridor.  The Innovation Corridor is expected to feature more than 1.5 million square feet of employment space, for 9,000 highly-skilled jobs in research and development.

Quotes

“Mixed housing is one of the City’s top priorities. It’s essential we continue to speed up the process. I’m pleased we now have the necessary agreements in place to make Lakeview Village a showpiece of urban design. The village is creating a liveable, walkable waterfront community with interesting parks, an iconic pier and an innovative employment hub.” Mississauga Mayor, Carolyn Parrish

“We’re another step closer to opening up our waterfront for a new generation to live and work in Mississauga. I’m pleased that LCPL has committed to ensuring the area has the parks, cultural facilities, and mix of housing the community needs to support more homes on the site. Lakeview Village is happening!” Geoff Wright, City Manager and CAO, City of Mississauga.

Background

1. Lakeview Village is a 177-acre site on Mississauga’s waterfront, formerly the Lakeview Power Generating Station.
2. Planning for the area began in 2010 when the City launched Inspiration Lakeview to create a shared vision for the future of the site.
3. The 16,000 units at Lakeview Village are part of Growing Mississauga the City’s Action Plan for New Housing.

Tags

• Council and Committees
• Housing