One of Canada's largest media companies dives into real estate development
Rogers moves forward on M City, a multi-building, multi-year project in a Toronto suburb.
Multifamily Housing |
M City, a 10-tower project to be located on the western edge of Mississauga, Ontario's downtown core, is the first residential development for Rogers, the media conglomerate. Image: Norm Li
In its ongoing effort to develop a downtown core, the Toronto suburb of Mississauga, Ont., recently announced the launch of M City, a 10-tower, 15-acre, 4.3 million sf master-planned community that, when completed, will cost C$1.5 billion (US$1.118 billion).
Construction is scheduled to begin in the summer of 2018.
This project represents the first residential condominium project undertaken by the private holding company Rogers Real Estate Development Ltd. The Rogers family controls Rogers Communications, Canada's second-largest communications and media conglomerate.
Urban Capital Property Group, a leading condo developer, will manage the development of M City's first phase for Rogers. New York-based Cooper Robertson designed the master plan for M City. "The opportunity with M City was to define the western edge of downtown. That was our goal as we planned a walkable, sustainable mixed-use community that emphasizes the public realm," says Donald Clinton, a Partner with Cooper Robertson. Other Building team members include Reed Jones Christoffersen (SE), Smith + Anderson (ME and EE), and The Planning Partnership (landscape architect). Rogers had not disclosed the GC on this project at presstime.
The first phase of M City will feature a 51-story residential tower, whose undulating design by CORE Architects rotates seven floor plates in repetition as it ascends. Cecconi Simone will be that building's interior designer.
The first phase will comprise between 500 and 700 of the 6,000 condo units that M City will ultimately make available at prices ranging from C$200,000 to C$750,000, according to M City's website. When completed, M City will also offer retail space at grade, and more than two acres of new public parks with European-style outdoor patio spaces.
"It is our hope that M City acts as a catalyst for the continued evolution of Mississauga's downtown," says Edward Rogers, deputy chairman of Rogers Communications. "It's why we have taken on the challenge of developing this property.
The M City development will include 2 million sf of open and park spaces. Image: Norm Li
The land on which M City will sit is part of 43 hectares (106 acres) of farmland that Rogers' founder Ted Rogers purchased in the 1960s for around C$170,000 to position transmitters for his radio station CHFI. Those transmitters were relocated in the 1990s, and the land that hadn't been sold off was rezoned in 2002 to allow for mixed-use development.
M City residents will be within walking distances of Square One Shopping Centre, Sheridan College, Mississauga Celebration Square, and the Mississauga Central Public Library. The area is also accessible to MiWay Transit, GO Transit, Highway 403 and the QEW. M City's signature tower will be next to the downtown loop of a future C$1.3 billion, 20-kilometer (12.4-mile) light-rail system, for which permits were issued in 2015.
Toronto in general, and Mississsauga in particular, are going through transitions. Bloomberg reports that home prices in Toronto have doubled in the last decade, spurring record land transactions and development. Low-rise home prices of about C$700,000 ($530,000) are pushing residents to nearby cities and suburbs and into condominiums offering more affordable options.
[Editor's note: Certain members of this project's Building Team were added to the story after its initial posting.]
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