Posted on October 13, 2021 at 9:07 am
This shopping center, located at 60 Dundas St. E. in Cooksville, will be transformed into rental properties and condos over the next 10 years.
A shopping center in the heart of the city will be transformed into high-rise rental buildings and condos after the land is purchased by a developer in Mississauga.
The 2.65 acre property located at 60 Dundas St. E. in Cooksville, a plaza that houses KFC, the Montfort restaurant, a Canada Post outlet, a small supermarket and an IDA pharmacy among other commercial tenants, was purchased by Almega Co. for $ 39.6 million. September 8.
The Mississauga-based builder, who partnered with Windsor Private Capital (Toronto) to acquire the property, reportedly plans to transform the land into a mixed-use community with 900 housing units over the next 10 years.
The properties under consideration include two rental buildings, 20% of the units of which will be classified as affordable housing, and a condominium building. In addition, 10 percent of the profits will be donated to charities chosen by Almega employees.
The planned development is just steps from access to the new Hurontario Light Rail Transit (LRT) system, which is expected to be ready to welcome passengers by fall 2024.
Toronto-based Windsor has worked on several other developments along Hurontario Street in Mississauga over the years.
Almost immediately adjacent to this planned development, work on an upscale 17-story condominium at 86 Dundas Street East continues with an expected completion date of March 2024.
Artform Condos, a by Emblem Developments, will house 336 units ranging in size from 475 to 827 square feet.
Members of Peel ACORN, an independent social and economic justice organization, plans to meet outside the Artform Condos development this Saturday to rally in support of affordable housing.
(The photo in the article shows the location of Almega’s planned development. Photo: Almega)
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