AlbertC

AlbertC

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Almega Co. Together with Windsor Capital Set to Revitalize Important Cooksville Intersection

/CNW/ - Almega Co. is pleased to announce a partnership with Windsor Private Capital to acquire a key development site in Cooksville, rapidly transforming the...
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Almega Co. Together with Windsor Capital Set to Revitalize Important Cooksville Intersection​


Sep 22, 2021

Almega Co. is pleased to announce a partnership with Windsor Private Capital to acquire a key development site in Cooksville, rapidly transforming the Hurontario Street and Dundas Street corridor. Located at 60 Dundas East, strategically situated a short distance from the BRT, LRT and GO Transit lines, the 2.65-acre site is expected to be re-zoned for an estimated 750,000 square feet of mixed-use development, adding approximately 900 multi-family units to the community.

Thrilled at the prospect of providing new housing stock in an area already experiencing lively revitalization, Almega's CEO Basem Hanna says, "We are very excited to be working with the Windsor team on this project. Our vision is to create positive, impactful change in the communities where we live. Introducing nearly 900 new family-focused homes to this neighbourhood, combined with Almega's commitment to donate 10 per cent of its profits to employee-approved charitable causes, helps us achieve that vision." Given Basem's experience in the neighbourhood, he adds, "This project is extremely exciting for the community. Having grown up in Mississauga, I have a deep understanding of the changes that need to happen and what people are looking for in the community."

Jordan Kupinsky, Managing Partner of Windsor Private Capital commented, "We are pleased to continue our focused capital deployment with another project in Mississauga in a node undergoing revitalization and in close proximity to rapid transit. We look forward to our new partnership with Almega, a developer with whom we share a similar vision and values."

Expected to be entitled within three years and fully developed within ten years, Almega Co. will act as the development manager for the project as the company further advances a parallel multi-family project in Toronto: a purpose-built rental property, currently set to include 20 per cent affordable units.

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The site is currently a shopping plaza on Dundas East, one block east of Hurontario:


almega.JPG
 
AlbertC said:
Introducing nearly 900 new family-focused homes to this neighbourhood,
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Perhaps this is a silly question, but does a "family-focused home" specifically mean houses (e.g. detached, semi-detached or townhouses) or would this include multi-bedroom condo units in a tower. Presumably, in order to fit 900 units on this site they can't be strictly planning ground-level development, so I suspect it's the latter. It would be a shame if this site turned out to just be more townhouses, similar to the planned development further west at Dundas and Confederation Parkway.
 
Anastasia said:
Perhaps this is a silly question, but does a "family-focused home" specifically mean houses (e.g. detached, semi-detached or townhouses) or would this include multi-bedroom condo units in a tower. Presumably, in order to fit 900 units on this site they can't be strictly planning ground-level development, so I suspect it's the latter. It would be a shame if this site turned out to just be more townhouses, similar to the planned development further west at Dundas and Confederation Parkway.
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I imagine it is a mix of towers and condo townhomes. The site is big enough for 2/3 towers and a dozen or 2 townhomes. There will probably be retail units at the ground level, particularly facing Dundas.
 
Anastasia said:
Perhaps this is a silly question, but does a "family-focused home" specifically mean houses (e.g. detached, semi-detached or townhouses) or would this include multi-bedroom condo units in a tower. Presumably, in order to fit 900 units on this site they can't be strictly planning ground-level development, so I suspect it's the latter. It would be a shame if this site turned out to just be more townhouses, similar to the planned development further west at Dundas and Confederation Parkway.
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In order to reach 900 units for a property like this, it'll very likely need to be mostly through mid and highrise format. There could be potential for some townhomes towards the base of buildings, but I think majority of the site will be planned as higher density. By "family-focused" I believe what they're trying to aim for is having a decent amount of larger 2 to 3 bedroom units that are suitable for family sized accommodations.
 
renx.ca

Almega, Windsor buy Mississauga site for redevelopment | RENX - Real Estate News Exchange

Almega Co. and Windsor Private Capital have partnered to acquire a Mississauga strip mall with the intention of turning it into a mixed-use community with 900 multifamily units. The 2.65-acre property at 60 Dundas St. E. in the Cooksville neighbourhood
renx.ca renx.ca

Almega Co. and Windsor Private Capital have partnered to acquire a Mississauga strip mall with the intention of turning it into a mixed-use community with 900 multifamily units.

The 2.65-acre property at 60 Dundas St. E. in the Cooksville neighbourhood was acquired on Sept. 8 from a private investor group for $39.6 million. The existing plaza’s tenants include restaurants, a pharmacy, a small supermarket, a medical clinic, a Canada Post outlet and several other retailers.

“My dream is to build two rental buildings and sell a third building as a condo for a mixed development site,” Almega chief executive officer Basem Hanna told RENX. “That would allow our investors to recapture capital right away through the condo process, which is a much more transactional process.

“But the majority of the site would remain owned as rental and produce cash flow.”

Plans for Cooksville​

The Cooksville property will have easy access to a stop on Metrolinx’s Hurontario light rail transit line which is under construction and projected to enter service in four years.

Mississauga’s official plan pinpoints Hurontario and Dundas Streets as an “Intensification Corridor” that will be developed with a greater concentration of homes, employment opportunities, transit and other services.

“It’s an area that has not seen a lot of development yet, but it’s in all of the city’s plans,” said Hanna.

The goal is to have 20 per cent of the rental units classified as affordable. The development is also planned to include unique community space, though Hanna said it’s too early to offer any details about that component.

As with other Almega developments, 10 per cent of the profits will be donated to charities chosen by employees.
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About time. Cooksville has changed very little since I lived in Mississauga in the late '80s, and it's right in the middle of a city whose population has increased by about 80% since then.
 
It is immediately west of Artform condos. Photo taken July 17th, 2022-from my collection.
DJI_0859.JPG
 
Lake Ontario said:
View attachment 426866
View attachment 426868View attachment 426872
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Site Plan:
View attachment 426873

Development application available here under "60 Dundas Street East"
Architectural Plans
Urban Design Study
Planning Urban Design Rationale

The architects are Chamberlain. The tallest building is 128m to the top of the mechanical penthouse.
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Funky!
 
It may not get built though, as there's been a number of failed projects in this area even during the condo boom.
 
Transportfan said:
It may not get built though, as there's been a number of failed projects in this area even during the condo boom.
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Maybe not. But Mississauga is running out of space for McMansions. So the only room left will be up. So maybe not tomorrow. But these sites will have to start being developed.
 
sixrings said:
Maybe not. But Mississauga is running out of space for McMansions. So the only room left will be up. So maybe not tomorrow. But these sites will have to start being developed.
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It doesn't seem like the most desirable neighbourhood, IMHO.
 
afransen said:
It doesn't seem like the most desirable neighbourhood, IMHO.
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It isn't - but it's also an opportunity to have less expensive condos in what is a well-serviced transit node (LRT, BRT, GO train station) with some regional services (Trillium/Mississauga Hospital; Square One) a relatively short distance away.

AoD
 
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