Boardwalk Partners with RioCanPublished: August 23, 2019
Boardwalk is excited to announce the continuation of its partnership with RioCan with the development of a 25 and 16 story apartment building in Mississauga, Ontario. The mixed-use building is estimated to offer 470 residential rental units that will be connected by a lavish retail podium.
The development will be located along the new Hurontario LRT line, which will connect the Port Credit Go Station in Mississauga to the Gateway Bus Terminal in southern Brampton. RioCan and Boardwalk are currently finalizing development plans. Zoning approval is anticipated in early 2020 and aligns with the completion of RioCan and Boardwalk’s first joint venture, BRIO, in Calgary, Alberta.
Sam Kolias; Chairman and Chief Executive Officer of Boardwalk REIT commented: “We’re really excited about this new development in Mississauga. This is all about our long-term strategy to reduce the average age of our rental properties and to diversify our portfolio on a balanced, measured basis.”
This development will be Boardwalk’s second in the Greater Toronto Area. Earlier this year, Boardwalk announced a joint-venture arrangement with Redwood Properties in Brampton, Ontario. The two-tower apartment building is anticipated to be completed in 2023.
“Boardwalk’s portfolio growth will primarily focus on opportunistic value creation opportunities in major markets over the next 10 to 15 years. To accomplish this, the trust intends to strategically partner, acquire and develop apartment units in high growth, undersupplied markets including, but not limited to, the Greater Toronto Area, Vancouver, Ottawa, Montreal, Quebec City, Winnipeg, and Halifax.”, adds Kolias.