Who would have ever thought, that Mississauga would eventually have one of the most active condo real estate markets in the country; with over forty existing condominiums and 15 proposed for the near future. Mississauga has grown substantially in population and, improvements to infrastructure and design are required to sustain this rapid growth.
The solution offered by the city of Mississauga is called the “Downtown21 Master Plan”. The goal behind the Downtown21 Master Plan, is to make downtown Mississauga, also known as the City Centre area, more pedestrian friendly. At the same time, this plan hopes to set out specific strategies for economic development, new transportation systems and overall environmental improvement.
In this blog post, I will cover some of the fundamental changes offered by the Downtown21 Master Plan, and its influence on the future of the Mississauga condo market.
The Plan In Detail
Mississauga has always strived to have a well balanced downtown core. The Downtown21 Master Plan will undergo some changes that are reflected in areas such as the employment, retail, commercial and civic sphere. This in turn will be balanced by residential development, entertainment, and facilities used by business visitors and tourists. Some of the changes which are to be implemented include:
1) The new urban design will be unique and pedestrian-friendly. It will have a strong focus on pedestrian access and amenities.
2) A complete Downtown Core road system which will contribute to the improvement of vehicular, cyclist and pedestrian movement within and throughout the Downtown Core. Most important transit waiting areas will be weather protected.
3) The creation of parking facilities that are sensitive to pedestrians and active streetscape.
4) Implemented development and activities that will enhance the Downtown Core as a destination. This includes development that will increase tourism within the Downtown Core.
5) Continuation to expend the Downtown Core’s retail commercial presence.
6) Expansion of transit and vehicular access to and from the Downtown Core To Pearson Airport and Cooksville Go Transit.
Specific Areas For Improvement
All changes implemented will be seen in the following areas:
Civic Centre Area- more pedestrian walkways and improved pedestrian links, visual openness and introduction of active uses at the street edge. It will accommodate more parking spaces and a variety of programs such as music concerts and theatre events, displays and exhibitions, festival and other special events.
Confederation Parkway Area– public art, further development of the pedestrian system, minimal building setbacks, continuity of built form etc.
Duke Of York Corridor– integrated character, development of pedestrian system, street related built form, public art, easy transit access and high standard of public amenity.
Rathburn Corridor– linkage of pedestrian walkways, continuity of built form, and improved connection to the east.
Burnhamthorpe Corridor– urban development of main streets (ie Hurontario), additional road connections, and architect designs.
Hurontario Corridor- structured parking, more intersections, central landscaping, pedestrian linkages, urban development and prestige buildings and more.
Downtown Core Additions– hotels, restaurant, office spaces, entertainment, recreational faciltities, retail spaces and civic and cultural facilities and proposed transit systems BRT and LRT.
Square One Shopping Mall Expansion
Although Square One shopping mall, which is in the heart of the Mississauga, is not officially part of the Downtown21 Master Plan, it is undergoing a lot of changes as well. Square One Mall is already one of Canada’s largest retail malls, with over 360 retail stores. Currently, it is undergoing a $84 million dollar interior renovation. This massive face-lift includes modernizing the common areas, restrooms and escalators and is expected to be completed by winter 2013. The food court is also getting a new look with some exciting new venues opening. But, perhaps what can be most exciting for many is that Holt Renfrew is investing over $320 million dollars to build a new flagship store right in Square One. This world class luxury retailer carefully analyzes and studies each geographical area before opening a store. Residence of Mississauga should be honored and thrilled that Holt Renfrew picked Mississauga as the next upcoming prime real estate area. This is great news for condo owners and investors.
Downtown21 Its Influence On The Real Estate Market
All of these new changes will attribute in a positive way to the future development of the real estate market in Mississauga. It’s great to live in a city where the people who are making decisions at the top, understand that in order for the city to continue to be attractive to new comers and tourists, it must be willing to continuously adapt. The Downtown21 Master Plan, is exactly what Mississauga needs at this stage. By making the downtown core more walkable, by building on new and existing public transit, and by having a well balanced residential development, entertainment, and business sector, Mississauga’s condo market will condo to blossom in the years to come.
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