As you’re likely all too aware, buying a home anywhere in Mississauga is no cheap venture. In fact, it’s just getting more and more expensive. Even the bottom rung homes and apartments are costing and arm and a leg these days.
So when we caught wind of a new development happening in the city that is promising “affordable housing”, we got pretty darn excited. That excitement grew when we learned that the new development was happening on Lakeshore Road East.
425 Lakeshore Road East, to be exact, is the location where this new project is breaking ground. Obviously that address might not mean much to you but it’s just across the street from the Metro/Beer Store plaza on Lakeshore. The property was an old car garage not very long ago, but has since been knocked down and is down a caged-off digging site. And that’s because the land was purchased by Indwell, and the company has some plans in place:
Indwell purchased the property from Firestone/Bridgestone in November 2017 and plans to build a four-storey, mixed-use project with 68 units of affordable housing. The Region of Peel approved funding for the project in July 2018 with construction aiming to begin in fall of 2019.
The image above is an artist mock-up of what the incoming condominium will look like when all is said and done. To the right you can see the Pet Smart, and to the left is the remainder of the garage. Clearly the condo will be gorgeous and a marked improvement that will continue the redevelopment of that area.
It’s difficult to see from the above image, but the building will actually be L-shaped at the back. More importantly however, Indwell is saying the average rent for a condo is expected to be $500 a month! That’s extremely cheap, especially for the Port Credit area. The cheapest two bedroom apartments in Port Credit right now are going for $1500+ a month. So we can only assume the new condo’s will be very small, but that won’t be an issue for a lot of people.
The bottom floor of the condo will apparently be saved for commercial use, so you might have a Rabba or Pizza Pizza beneath your condo, but for that price I don’t think anyone would mind. Let us know what you think of this new development, and we hope more cheap housing comes to the area in the near future!