idc24
Active Member
It would make sense for Cineplex to close the Coliseum Mississauga and sell the land. Then Cineplex could renovate and re-open the former cinema space in Sq1.
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Mississauga Soccer Stadium (Canadian Premier League, other events)
- Thread starter SaugeenJunction
- Start date
TOareaFan
Superstar
Does Ciniplex own that land? It was my understanding that they were usually (always?) tenants rather than landowners.
Jasonzed
Senior Member
No. It's owned by the people who own SQ1. SQ1 wants to build condos/offices/retail on the land. They can always build something similar to what they did in Ottawa and call it SQ1 Field.
I doubt it though.
SunriseChampion
Senior Member
This is the first I've heard of this, and there isn't anything about it coming from the CPL yet (unless I missed something in the last two weeks), but this would be wikkid. Fun (brutal, hectic, whatever) derby days ahead!....well, with that York 9 club as well.
Please let it be!
Please let it be!
TOareaFan
Superstar
Why would they give up units/ density to build a stadium?No. It's owned by the people who own SQ1. SQ1 wants to build condos/offices/retail on the land. They can always build something similar to what they did in Ottawa and call it SQ1 Field.
I doubt it though.
Johnny Au
Senior Member
SQ1 is owned by Oxford Properties.No. It's owned by the people who own SQ1. SQ1 wants to build condos/offices/retail on the land. They can always build something similar to what they did in Ottawa and call it SQ1 Field.
I doubt it though.
The stadium could very well be called Oxford Properties Stadium or similar (but with the Oxford name of course because $$$).
SmartCentres and Cadillac Fairview would want to construct sports venues if this were to be successful.
TOareaFan
Superstar
Oxford (which is really just OMERS) will build whatever creates the highest value on the land for their pensioners (current and future) I do not think it will be a small to mid sized soccer stadium.
drum118
Superstar
Right next to the Cineplex on the west side, The City is planning on building an extension for Living Art Dr from Rathburn to City Dr and the EA has been completed for it.
OMERS is well aware of this new road and hasn't objected to it. OMERS owns all the land on the north side of Rathburn from Confederation to Hurontario, as well the Sq One land. Oxford/OMERS wants a stable income for their property to support the pension funds to the point they only got 1% return on their investment when they bought Sq One and all the lands around it in the 90's. They even threw out $25 million and a year delay on changing the plans for the expansion of the mall underway at the time of sell. They knew in time they would get get a better return on that investment.
To move the current Cineplex complex to the old theater area requires an expansion there to maintain the existing Cineplex foot print, unless they plan on down sizing it and move the other use to other sites.
The City miss the boat when it allow the current sport complex to be built where it is today, by refusing to spend a few extra $$ for the land in the city core where Cineplex exist today.
Based on the current road system and this location being proposed, not the best location for anyone.
OMERS is well aware of this new road and hasn't objected to it. OMERS owns all the land on the north side of Rathburn from Confederation to Hurontario, as well the Sq One land. Oxford/OMERS wants a stable income for their property to support the pension funds to the point they only got 1% return on their investment when they bought Sq One and all the lands around it in the 90's. They even threw out $25 million and a year delay on changing the plans for the expansion of the mall underway at the time of sell. They knew in time they would get get a better return on that investment.
To move the current Cineplex complex to the old theater area requires an expansion there to maintain the existing Cineplex foot print, unless they plan on down sizing it and move the other use to other sites.
The City miss the boat when it allow the current sport complex to be built where it is today, by refusing to spend a few extra $$ for the land in the city core where Cineplex exist today.
Based on the current road system and this location being proposed, not the best location for anyone.
SunriseChampion
Senior Member
Because owning the stadium would bring income for an indefinite amount of time.
TOareaFan
Superstar
It would? More than, say, rental apartments or office space (two businesses that Oxford is actually in btw)
SunriseChampion
Senior Member
No idea. I'm a peasant, I don't know how much one could bring in annually from any of those in relation to each other. In fact, I'm about to be homeless, the whole making money from land thing is well beyond me.
I do know, however, that culturally-rich areas tend to bring in more money than cultural deserts.
Jasonzed
Senior Member
Why not build an elevated soccer pitch that would be part of a mixed-use (condos/retail/office/hotel), sports (elevated pitch, mini indoor pitches, involve Sheridan College, etc.) , and entertainment (movie, music venue, etc,) complex? Based on their marketing stuff, they are trying to build something that is very unique to NA.
TOareaFan
Superstar
Now I am confused are we still talking about Oxford/OMERS when you refer to "their marketing" or have we moved back to Cineplex building a soccer stadium on land they don't own?
Jasonzed
Senior Member
I'm talking about Oxford/OMERS. Cineplex is just a tenant. Oxford perhaps can relocate Cineplex to the mall and/or include them in the redevelopment of the land north of Rathburn.
Here is one press release: https://shopsquareone.com/sites/def...nt/pr/westexpansion_1-fooddistrict-pr-sq1.pdf
There is another one that I'm looking that for that goes into how SQ1 is trying to do something uniquely different compared to other malls in NA.
TOareaFan
Superstar
I have no idea how that relates to a couple of pension plans taking valuable land and using it for a small soccer stadium for a fledgling league that has not identified an owner for a team in Mississauga?
The city is conducting a study to see if and, perhaps, where they should build a stadium....if the city is going to do this (again, if I was a taxpayer in 'sauga I would be very wary) I suspect they will do it on land that they already own or can acquire very cheaply.....not sure any land in the SQ1 area fits that bill.