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Spectrum Square Office Pk (Mississauga, Eglinton/Spectrum Way, HOOPP, 1.1m ft2, &co)

canarob

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#1
I don't think there is a thread for this already.

From:http://www.theglobeandmail.com/glob...s-300-million-toronto-complex/article2256177/

Ontario pension fund plans $300-million Toronto complex

steve ladurantaye
Globe and Mail Update
Published Thursday, Dec. 01, 2011 6:29AM EST
Last updated Thursday, Dec. 01, 2011 6:33AM EST

An Ontario pension fund plans to build a sprawling $300-million, 33-acre office complex just outside of Toronto's Pearson International Airport after acquiring the parcel land from a private owner.

The Healthcare of Ontario Pension Plan bought the land for an undisclosed amount in the Airport Corporate Centre in Mississauga, and plans to build 1.1-million square feet of offices and more than 70,000-square-feet of restaurants.

The site - just south of Canada's busiest airport - is next to a planned rapid transit line that will eventually link communities from Oakville to Pickering.

Construction of the first office building, which would be 125,000 square feet, is targeted for the third quarter of 2012. There is no tenant yet.

The pension plan said it would like to eventually build up to seven office towers on the site. HOOPP owns six office buildings in the park already.

The fund and its partners also hope a strong restaurant and retail component will help it attract tenants, because the business park currently lacks amenities.

“There has been strong interest from major restaurant and service commercial tenants and we expect that the retail opportunities will be fully committed to by the first quarter of 2012,†said David Bradbeer, president of BPI Consultants Corp., project manager for the development.

The pension fund said it would develop a master site plan with the city, but that the project would include the equivalent of 12 restaurants.

“Food courts are currently non-existent in the park. There is an opportunity in the area to build a critical mass of restaurants and service amenities to meet this need,†said John Rogers, president of development planning firm John D Rogers and Associates Inc.

Vacancy rates in similar LEED-certified office buildings in the area are close to 5 per cent, said Avison Young principal Jeff Flemington, whose company is marketing the project.
 

Jonny5

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#2
I just saw this my self. It's too bad there are no renderings. HOOPP is a very well run pension and it's great they are taking this on.
 

taal

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#4
Here's why Toronto's suburb suck:

You cross the border into Toronto (i.e. a couple blocks from this office area), we have a similar office area (the airport corporate center east) ... it has some of the highest vacancy rates in the GTA i.e. in the 15-20% range ... while just across the street in Mississauga the vacancy rates are close to 5-10% and they keep adding new buildings !

This in short is the doom of Toronto's outer suburbs, they'll slowly turn all residential, and we'll essentially have a bedroom community for the inner 905 and the 416 core ......
 

andrewpmk

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#5
Yet another business park, I can't exactly say that Mississsauga needs any more of them. 90% of people working here will be driving to work I suspect.

At least this business park has much better bus service than any of the others in Mississauga (it has 9 MT routes: 7, 17, 18, 27, 35/35A, 50, 89, 107, 109 and two TTC routes: 32A and 112D, plus it is getting the Mississauga Transitway and could potentially get an extension of the Eglinton LRT). Better that this be built here than Meadowvale Business Park in western Mississauga, which is a pain to get to from Toronto by either MT or car.
 
G

gabe

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#6
I know quite a few people who live downtown and commute to business parks in Mississauga. You're pretty much screwed if you don't own a car.
 

sixrings

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#7
my wife works in a business park and its not easy without a car. I wish instead of these outdoor big box stores we have built all over the city were business' instead. Keep the retail in malls which could become hubs and downtown. I also think that the City should make a different tax level depending on where your business is in the city. For instance Bloor to the water front the highest. From Bloor to Yorkmills a medium tax. And finally from yorkmills north to Steeles a TAX the same price as 905. The other areas where the tax should be the same as the 905 is at KIPLING and STC. That would encourage businesses to stay in the city and be easier accessed via transit.
 
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taal

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#8
my wife works in a business park and its not easy without a car. I wish instead of these outdoor big box stores we have built all over the city were business' instead. Keep the retail in malls which could become hubs and downtown. I also think that the City should make a different tax level depending on where your business is in the city. For instance Bloor to the water front the highest. From Bloor to Yorkmills a medium tax. And finally from yorkmills north to Steeles a TAX the same price as 905. The other areas where the tax should be the same as the 905 is at KIPLING and STC. That would encourage businesses to stay in the city and be easier accessed via transit.
I completely agree ... but it won't happen. You'll slowly see more and more business leave the outer 416. It's a very slow death, I'm not saying we'll have 100% vacancy rates either, there will always be some firms that want to locate here.

Actually here's what will kill them in the end; It's not the rents ! Believe it or not the rents are lower, even when you factor in tax (i.e. gross rents), so you ask: Wait if Toronto is cheaper overall compared to the 905 what's the problem ?

Simple, the landlords spend nothing to keep the building in good repair; That's the problem with the offices of the most part; Their old and falling apart and it's getting worse.

So I predict, old offices in prime locations (in the outer 416) may get converted to condos; other ones will just sit and rot away.
 

AHK

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#9
Just wondering - would this be for the site of the former Regal Constellation hotel, or is there another large piece of land within the Airport Corporate Centre available for this?
 

taal

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#10
Just wondering - would this be for the site of the former Regal Constellation hotel, or is there another large piece of land within the Airport Corporate Centre available for this?
this is in Mississauga not Toronto so no it is not the Regal hotel.

There is still quite a bit land just south of the airport (south of the 401).
 

drum118

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#11
Giant office complex: Mississauga (Pearson International Airport)

Lets see what this will do for the area
Giant office complex coming

An Ontario pension fund plans to build a sprawling $300-million, 33-acre office complex just outside of Pearson International Airport after acquiring the parcel land from a private owner.
As well as providing 1.1 million sq.-ft. of offices, the Healthcare of Ontario Pension Plan (HOOPP) intends to provide a complex of restaurants, totalling 70,000 sq.-ft. in size.
“Food courts are currently non-existent in the park," John Rogers, president of Streetsville-based John D. Rogers and Associates, told The Globe and Mail. "There is an opportunity in the area to build a critical mass of restaurants and service amenities to meet this need.”
His firm is consulting on the project.
The plot of land is immediately adjacent to the "Spectrum Station" on the MiWay Bus Rapid Transit line, which is now under construction along Eglinton Ave. and Eastgate Pkwy.
The first building on the HOOPP site, for which there is no tenant yet, is slated to be built next fall.
That is planned to be followed by six other buildings.
The pension plan already owns another a half-dozen buildings in the Airport Corporate Centre including the 225,000-sq.-ft. AeroCentre V office building which is leased to Target Canada and PepsiCo.
A spokesman for Avison-Young, the real estate firm that will market the new project, said the buildings will all be LEED-certified, meaning they meet the highest current environmental standards.
Buildings that achieve that standard have a vacancy rate of less than 5 per cent in the GTA.
jstewart@mississauga.net

http://www.mississauga.com/news/business/article/1254661--giant-office-complex-coming
 

Jasonzed

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#12
Spectrum Square Offices (Mississauga, Eglinton/Spectrum Way, 1.1m sq of office)

This is down the street from the Bell campus and the Target Canadian head office. It will sit next to the Spectrum Way BRT station.





 

taal

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#14
Look at all these companies that'd never consider locating offices downtown ! Why ! Target is the best example, its a corporate head office ... why not downtown !