I’m pretty sure that’s the GO station parking lot, owned by Metrolinx.
Referring to the west side, noted as 'existing/expanded surface parking'. The MTO parking lot to the north will be awkward to redevelop at some point. Maybe potential park/plaza?
 
According to the city planner, construction may start as soon as next fall.

Wow I wonder if they have a tenant lined up already !
 
Maybe Roche :) Per the announcement today
 
Maybe SQ1 can become a health sciences node...
Company bringing 500 new jobs to Mississauga
by Ashley Newport on October 16, 2020

On Oct. 16, provincial and city officials appeared alongside Ronnie Miller, the president and CEO of Roche Pharmaceuticals Canada, to announce a new investment that's expected to create about 500 new jobs in Mississauga over a three-year period.

At the press conference, Miller announced that Roche plans to invest $500 million over five years to establish a Global Pharma Technical Operations site to oversee its global supply chain in Mississauga.

The investment is expected to create 500 jobs -- 200 by the end of 2020 and up to 300 more by the end of 2023.

“This investment is further proof that Ontario has the best environment for jobs and opportunity, and that we are leaders in the creation of life-saving medicines, treatments, and medical equipment,” said Ford in a statement.

“Roche’s new operation hub in Mississauga will further anchor Ontario’s position as a titan in life sciences, creating good-paying jobs in the community, and ensuring Ontario’s best and brightest minds advance the important work Roche does to transform health care here in our province and beyond.”


The province says the new site will be responsible for supporting Hoffmann-La Roche Limited’s global manufacturing and supply chain operations. In 2012, Roche Canada established Mississauga as a product development site, overseeing clinical trials both in Canada and globally. The Ontario government says province won out over 12 international locations and Roche sites to secure the new investment.

According to the province, Roche is the world’s largest biotech company and a world leader in oncology, immunology, infectious diseases, ophthalmology and diseases of the central nervous system.

“I want to thank Roche for this significant investment in our city that will not only create hundreds of highly skilled jobs but position Mississauga on the road to recovery,” said Mississauga Mayor Bonnie Crombie in a statement.

“As home to Canada’s second-largest Life Sciences sector, I couldn’t be more proud that Roche has chosen to expand its operations in Mississauga. This investment will help bring new innovative products to patients in Canada and around the world and is yet another example of how innovation thrives in Mississauga.”
 
Any confirmation that it is going to MCC? Roche has an office at Derry/Mississauga Road. If anything, there is already a bit of a pharma node in that area. Gilead, Sunovian, Baxter, GSK, Amgen, GE Healthcare, etc. are all in this area. If I had to guess, I think they would be expanding in that area.
 
Referring to the west side, noted as 'existing/expanded surface parking'. The MTO parking lot to the north will be awkward to redevelop at some point. Maybe potential park/plaza?

They show that lot as existing/expanded because the existing parking lot is half the size. A big box store straddles the middle of the block, which will be ripped down and replaced with additional temporary parking on the west side.
 
This is phenomenal news for the downtown core (regardless of whether Roche is moving here or not). Hopefully this is the first of many office towers.
 
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Avison Young is in charge with the leasing. Brochure and floor plans can be found here under the "Documents" tab: https://www.avisonyoung.ca/properties?propertyId=841764-lease

Expected for 2024. Phase 1 will deliver up to 450,000 SF of Class A office space on 18 floorplates of an average of ± 27,000 SF. Retail, amenities, & parking from levels 1-3, roof terraces on levels 4, 7, & 15, remaining levels are office space. Designed by B+H.

New renders:
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