City Reaches $1 Billion in Construction 10 Years in a Row
Mississauga Celebrates A Growing Achievement – City Reaches $1 Billion in Construction 10 Years in a Row
Feb 05, 2007
The City's year-end total value of building permits reached $1.05 billion, making 2006 the 10th consecutive year Mississauga exceeded $1 billion in prescribed construction. The City's decade-long building success has totalled more than $14 billion.
The report shows a continuing growth in commercial construction with an almost 50 per cent gain over 2005 results for this sector. The report also shows that, while the overall percentage of residential development remains strong, the majority of units constructed in 2006 were multi-family dwellings such as condominiums and townhouses. Overall, the percentage gap between commercial/industrial construction (40.6 per cent) and residential construction (52.5 per cent) is closing.
"Building is still booming in Mississauga where we have an ideal balance of residential and commercial/industrial development, which provides wide choices and great opportunities for living and working in our City," said Mayor Hazel McCallion. "This is a very exciting time for Mississauga. New condominium developments are dramatically changing our City Centre, and innovative new commercial and industrial developments, our talented labour force, and access to quality city amenities, are attracting businesses to Mississauga from around the world."
A number of unique condominium projects are underway in the City Centre and many have attractively mixed residential with commercial and office development:
One Park Tower, 388 Prince of Wales Drive (38 storeys, 403 units) features grade-related commercial space
Solstice One, 225 Webb Drive (37 storeys, 377 units) also offers grade-related retail and commercial space as well as second floor office space and,
Absolute Tower Three, 80 Absolute Avenue (35 storeys, 372 units) is the third in a series of five condominium projects to be completed at the corner of Hurontario Street and Burnhamthorpe Road.
Some notable commercial and industrial construction projects include:
Kingsway Financial, 7120 Hurontario Street (233,240 square feet)
Citigroup, 5900 Hurontario Street (200,000 square feet and,
Amgen Canada, 6775 Financial Drive (120,000 square feet).
"Mississauga is open for business with 1,198 hectares (2,961 acres) of vacant employment land available," explained Planning and Building Commissioner Ed Sajecki. "About 44 hectares (108 acres) are located in the City Centre where, once developed, the employment opportunities will complement the residential development already in place and will add to the vitality and excitement of Mississauga's downtown."
"With the first phase of the east-west Bus Rapid Transit (BRT) System from Mississauga City Centre easterly to Renforth Drive at the Mississauga/Toronto border expected to be completed by 2011, building permit activity will continue to be strong in the years ahead," added Sajecki. "The City is now looking to invest in public spaces, parks, transportation and transit to meet the community and service needs of people who live and work in our City Centre now and in the future."
Background
According to the 2006 December year-end Building Report, the City issued:
a total of 4,275 building permits
the total value of building permits issued for residential construction totalled $552,832 million (3,198 new units) or 52.5 per cent of the year's total
commercial and industrial construction totalled $427 million (69 new buildings) or 40.6 per cent.
The City's 10-year statistics show that during the last decade:
the City reached a total of $14.2 billion in prescribed construction value
the 10 year total for residential development is $7.96 billion (56.1 per cent)
industrial construction totalled $2.8 billion (19.8 per cent)
commercial construction totalled $2.14 billion (15.1 per cent)
all other construction contributed nine percent to the overall total
the City averaged 56 per cent in residential construction and 44 per cent in all other construction combined
during the decade the City achieved a balanced mix of development.
"Mississauga's building success during the last 10 years is due to City Council's leadership in creating a strong economic climate and the partnership among staff in the various City departments including the City Manager's Office, Economic Development, Transportation and Works, Community Services, Corporate Services and the Planning and Building Department as well as the development industry, which combined have contributed to making Mississauga's vision a reality," said Sajecki.
Mississauga is Canada's sixth largest city with a population of over 700,000. With well-established infrastructure and state-of-the-art facilities, the City delivers quality municipal programs and services to its citizens. Mississauga is recognized as Canada's safest city.
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