In late August, Boardwalk and RioCan announced plans for another mixed-use development, this one to be located in Mississauga, Ontario. The 25- and 16-storey apartment towers will offer an estimated 470 residential rental units that will be connected by a lavish retail podium.
The property runs along the new Hurontario LRT line, and will connect the Port Credit Go Station in Mississauga to the Gateway Bus Terminal in southern Brampton. Boardwalk and RioCan are currently finalizing development plans.
“We’re really excited about this new development in Mississauga,” said Sam Kolias, Chairman and Chief Executive Officer of Boardwalk REIT commented. “This is all about our long-term strategy to reduce the average age of our rental properties and to diversify our portfolio on a balanced, measured basis.”
Zoning approval is anticipated in early 2020 and aligns with the completion of the first Boardwalk and RioCan joint venture, BRIO, located in Calgary, Alberta.
This development will be Boardwalk’s second in the Greater Toronto Area. Earlier this year, Boardwalk announced a joint-venture arrangement with Redwood Properties in Brampton, Ontario. The two-tower apartment building is anticipated to be completed in 2023.
“Boardwalk’s portfolio growth will primarily focus on opportunistic value creation opportunities in major markets over the next 10 to 15 years,” said Kolias. “To accomplish this, the trust intends to strategically partner, acquire and develop apartment units in high growth, undersupplied markets including, but not limited to, the Greater Toronto Area, Vancouver, Ottawa, Montreal, Quebec City, Winnipeg, and Halifax.”