This building, with a mix of affordable and market rental units, was completed through a partnership with The Daniels Corporation and Peel Region, with Peel collaborating with the City of Mississauga, the Province of Ontario, and the Government of Canada for funding.
“We are pleased to create affordable housing for our residents and look forward to future opportunities to work together,” said Steve Dickson, Director of the Housing Development Office, of the partnership.
Highlights at 360 City Centre Drive include an outdoor terrace, children’s playroom, and fitness area for residents. The building also features energy efficient solutions, including Energy Star appliances and a high-speed energy recovery ventilator system.
Located within walking distance to Square One shopping centre, Hazel McCallion campus, Central Library, City Hall, and nearby to public transit, including the City Centre transit, this open-concept space is ideal for those who work and play in Mississauga.
“We’re proud to have initiated a partnership with the Region of Peel to create affordable housing opportunities to this key Mississauga community. Through every step, from design and construction to welcoming tenants and their families into their units, Daniels and Peel’s Housing Development Office have worked towards delivering a complete community with mixed rental options that address the needs of all residents and we’re thrilled to see 360 City Centre thriving in the Mississauga City Centre,” said Martin Blake, Partner at The Daniels Corporation.
Getting started
In the summer of 2016, Peel issued a request for expression of interest to identify parties interested in developing affordable housing projects. The Daniels Corporation submitted a response to the Region’s request for proposal.
A year later, Regional Council approved the proposal and Peel staff were authorized to execute a Conditional Agreement of Purchase and Sale with The Daniels Corporation to develop an affordable housing project located at 360 City Centre Drive.
Funding for this $67 million project has come from all levels of government. The City of Mississauga also provided support for this project.
Revenue from tenant rents cover the operating expenses for this development.
Out of the 174 mixed-income rental units, rents for 70 units are set at or below 60% of the Average Market Rent (AMR) in the area as established the Canada Mortgage and Housing Corporation. Rent for 84 units are set at 100% AMR with the remaining 20 units having rent set just above 100% AMR, which include 12 apartments and 8 townhouses supporting middle income households.
Construction ended in January 2021, and tenants began to move in shortly after.
“Peel is very proud of the 360 City Centre Drive development in Mississauga,” Dickson said, “and we look forward to creating more mixed rental buildings in Peel.”
For more information, contact the housing development.
