Lakeview Village Development Takes Major Step Forward with Community Benefits and Affordable Housing Plans

Mississauga – One of Mississauga’s most ambitious waterfront projects, Lakeview Village, is advancing as City Council approves a by-law outlining key agreements with Lakeview Community Partners Limited (LCPL). The agreements cover community benefits and affordable housing, ensuring that the transformation of the former industrial site into a sustainable and vibrant community can proceed with clear guidelines in place.

Situated on 177 acres of land that was once home to the Lakeview Power Generating Station, Lakeview Village is poised to become a new urban hub for Mississauga. The site, which will feature a blend of residential, recreational, and employment spaces, promises to spur economic growth, attract tourism, and create a highly livable waterfront community. With a focus on innovation and sustainability, the project is expected to draw a new generation of residents to the city.

Mississauga’s waterfront revitalization is moving forward at Lakeview Village!

This new development is transforming the site of a former coal-burning power plant into a modern, sustainable new community with housing, parks, gathering spaces and an innovative employment hub!… pic.twitter.com/Nows0pbfq6

— City of Mississauga (@citymississauga) October 7, 2024

Doubling Housing Supply

Initially approved for 8,050 housing units in 2021, Lakeview Village’s scope expanded when a Ministerial Zoning Order (MZO) issued in late 2023 nearly doubled the number of units to 16,000, in line with provincial efforts to boost housing supply. A subsequent Ministerial Order in April 2024 required the City and LCPL to finalize agreements addressing key concerns, including affordable housing and community amenities.

Under the new agreement, LCPL will provide a significant contribution of $28 million toward the reconstruction of the iconic Lakeview Village Pier, adding to a previous $14 million committed for community benefits. Furthermore, five per cent of the new units—those beyond the original 8,050—will be designated as affordable housing, and an additional five per cent will feature a mix of shared equity mortgage options and market rentals.

Community-Building Elements

The agreement also builds on earlier commitments related to the first phase of the development. These included parkland dedication, transportation studies, and odour and noise mitigation efforts to ensure the area is suitable for residential and public use. Plans are also in place for a Peel District School Board school and a variety of housing types to accommodate different family sizes and income levels.

The City is now moving forward with several major initiatives to bring Lakeview Village to life, including:

• Approving site plans for the first residential blocks
• Developing designs for parks and public spaces, including the Lakeview Village Pier
• Finalizing plans for the Lakeshore bus rapid transit (BRT) corridor
• Planning the Lakeview Village Innovation Corridor, which will feature more than 1.5 million square feet of employment space and create around 9,000 jobs.

Infrastructure to Support Growth

To manage the increased population density, the City, in collaboration with the province and LCPL, will construct a municipal parking structure. This facility will not only accommodate new residents and visitors but also support the Innovation Corridor’s future success as a high-tech employment hub.

A Vision for the Future

Mississauga Mayor Carolyn Parrish expressed her excitement for the project, emphasizing the importance of mixed housing in the city’s growth strategy. “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,” Parrish stated. “The village is creating a liveable, walkable waterfront community with interesting parks, an iconic pier, and an innovative employment hub.”

Geoff Wright, Mississauga’s City Manager and CAO, shared similar enthusiasm, stating, “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.”

As this transformative project moves ahead, Mississauga is set to welcome a new era of waterfront living, combining urban innovation with sustainable design and community-focused amenities.

SOURCE City of Mississauga