^^^
Toronto-based developer Camrost Felcorp has broken ground on the first two buildings at one of its most ambitious projects, Exchange District in Mississauga. “We very much have focused on the creation of master-planned communities and mixed-use development sites that consist
renx.ca
At the Exchange District, Camrost Felcorp purchased the almost four-acre site five years ago. At the time it contained a nine-storey, 90,000-square-foot, class-B office building. Now it is replacing that with a development destined to have 1.8 million square feet of density upon completion later this decade.
“When fully realized, the Exchange District will include almost 2,000 condominium residences, retail spaces, offices, a boutique hotel, an architecturally designed public piazza, community benefits and open public spaces, all served by rapid transit, instantly creating for Mississauga the urban downtown core it deserves and has been moving towards,” founder, president and chief executive officer David Feldman said in an email exchange.
Exchange District’s components
Camrost Felcorp just broke ground on a 60-storey condominium called EX1 that will have retail at grade and be connected by a podium to EXS, a 31-storey purpose-built rental apartment building which will also include a hotel and 30,000 square feet of office space.
The developer is weeks away from breaking ground on the second phase of Exchange District, which will include a 42-storey condo called EX2, a rooftop restaurant and a grocery store.
The condo units in EX1 and EX2 are sold out.
A fourth piece will be a 72-storey residential building called EX3 that will be anchored by retail at grade and some office space. Joseph Feldman said EX3 is currently being contemplated for a condo that could launch sales by the middle of 2021.
The first three buildings are anticipated to be ready for occupancy in late 2023 and early 2024, with EX3 expected to follow in 2026.
“There’s more beyond that that’s in the pipeline,” said Joseph Feldman. “This is just what we’ve announced.”
Camrost Felcorp likes Mississauga and Toronto
An artist’s conception of Exchange District in Mississauga, by Camrost Felcorp. (Courtesy Camrost Felcorp)
Exchange District is in the vicinity of
Square One Shopping Centre, about 16,000 residential units and an office node, and Camrost Felcorp’s goal is to enhance the area with its “live, work and play” development.
“It’s currently the 16th largest city in North America, with one of the fastest-growing city centres in North America,” Joseph Feldman said in explaining why his company is so high on Mississauga and is adding to its landholdings there for future developments.
“From a job perspective, it has more Fortune 500 companies headquartered there than its big brother Toronto. It continues to attract a large portion of the immigrants that are coming to the GTA (Greater Toronto Area).”
Camrost Felcorp likes the GTA market overall because it has strong fundamentals, the company knows it well and it has a good understanding of the framework set up by the Ontario government’s
A Place to Grow: Growth Plan for the Greater Golden Horseshoe.
“We think we’re in the right place in the greater scheme of things,” said Joseph Feldman. “For the foreseeable future we’re going to be focusing on helping add to the supply of housing and the stock of commercial in our very own Greater Toronto Area.”