Morguard breaks ground on a new purpose-built rental community in Mississauga at 725 Village Green Boulevard

Groundbreaking ceremony celebrated a milestone for Mississauga's Port Credit neighbourhood

MISSISSAUGA, ON, Oct. 10, 2024 /CNW/ - Morguard Corporation ("Morguard") (TSX: MRC) officially launched the construction of its new purpose-built rental community offering amenities that allow residents to connect with the simple beauty of nature and enjoy a modern lifestyle in the vibrant Port Credit area. The development will be comprised of one 9-storey and two 8-storey midrise residential buildings on a 3.7-acre property. The total development will contain 431 suites, from studios to 3-bedroom units, townhomes and stunning penthouse suites

[from left to right] Stephen Dasko, Ward 1 Councillor for the City of Mississauga, Brian Athey, Senior Vice President, Development, Carolyn Parrish, Mayor for the City of Mississauga, K. Rai Sahi, Chairman and CEO, Angela Sahi, President and COO, Paul Miatello, CFO, Morguard Corp., Beverley Flynn, Senior Vice President and General Counsel (CNW Group/Morguard Corporation)

On October 3, 2024, a groundbreaking ceremony took place at 725 Village Green Boulevard in Mississauga. Among the assembled dignitaries at the event were the Mayor of Mississauga, Carolyn Parrish, and Ward 1 Councillor, Stephen Dasko.

The executive team at Morguard is pleased to have worked with City of Mississauga officials on this innovative project that will deliver a premium purpose-built rental community to Mississauga residents.

"The development at 725 Village Green Boulevard demonstrates Morguard's strategic growth capabilities and represents our commitment to developing purpose-built communities in the GTA," said K. Rai Sahi, Chairman and Chief Executive Officer. 

"As we look to the future, I'm truly excited. We are laying the foundation for a brighter, more sustainable future for Mississauga," said Morguard's President and Chief Operating Officer, Angela Sahi. "Our vision is to create a modern living experience that blends the comforts of home with the convenience of a professionally managed property—an urban oasis where thoughtful design seamlessly integrates nature, bringing the outdoors in."

Morguard's newest purpose-built rental community, designed by architecture firm BDP Quadrangle, will offer expansive suites, a collection of spacious townhomes, a selection of premium amenities, and elegant interiors designed by Cecconi Simone. This new, turn-key residence will be ideal for young professionals, mature couples downsizing and families with children.

From the textures and colours of nature that inspired the design to the abundant amenities that enhance everyday living, this development project is tailored for comfort, wellness, and connection:

• A greenhouse where residents can grow their own ingredients, for micro-farm to table living.
• Landscaped rooftop terraces on each tower offer stunning views while providing outdoor space for leisure and entertaining.
• A chef's kitchen and connected spaces designed for gatherings, making culinary exploration and entertainment central to the lifestyle.
• A wine-down lounge and screening room, creating spaces where residents can relax, unwind, and connect.
• A co-working space, providing a flexible and collaborative environment for professionals who thrive in a work-from-home setting.
• A pet spa in each tower where residents' can conveniently care for their pets.
• An expansive fitness and yoga centre.
• Additional features include a dog run, a children's play area, a dining area with BBQs and fire pits, and indoor/outdoor cabanas with lounge.

"This project will enable residents to experience rental living at a higher level," said Senior Vice President of Development, Brian Athey. "We are delighted to commence construction on this premier residential project in the City of Mississauga".

We are committed to achieving LEED Gold certification, a standard that represents excellence in green building design. Each suite will offer Heat Recovery Ventilation (HRV) units, which capture and reuse heat from exhaust air to improve energy efficiency. In addition, the property will capture rainwater in a cistern for irrigation, reducing water consumption. LED lighting and motion-controlled sensors will conserve energy throughout the building. Indoor parking will offer 480 bike parking spots and 50% of the parking spaces will be Electric Vehicle (EV) ready. These innovations will ensure that we minimize our environmental footprint.

Ideally, situated just moments from highly ranked schools and the Lakefront Promenade, this community offers an exceptional living experience. Easy access to the QEW, and a wide selection of retail destinations just to the south, residents can enjoy the best of urban convenience while being close to downtown Toronto. 725 Village Green Boulevard is where modern living meets thoughtful design, providing the perfect backdrop for a connected and inspired retreat.

Morguard's total multi-suite North American managed residential portfolio includes over 17,000 suites and is valued at $6.4 billion as of June 30, 2024. The portfolio consists of 16 Canadian multi-suite residential rental communities located in Ontario and Alberta as well as 26 U.S. multi-suite residential rental communities located in 10 states, consisting of 12,315 residential suites and 229,500 square feet of commercial gross leasable area.

About Morguard Corporation

Morguard Corporation is a major North American real estate and property management company. It has extensive retail, office, industrial, hotel and residential holdings owned directly and through its investment in Morguard Real Estate Investment Trust and Morguard North American Residential REIT. Morguard also provides real estate management services to institutional and other investors. Morguard's owned and managed portfolio of assets is valued at $17.6 billion. Please visit www.morguard.com or follow us on LinkedIn and Instagram.

SOURCE Morguard Corporation

For further information: Angela Sahi, President and Chief Operating Officer, T 905-281-3800; Brian Athey, Senior Vice President, Development, T 905-281-3800; or email [email protected]