The Healthcare of Ontario Pension Plan recently purchased 33 acres of land and plans to create office space in the area, according to commercial real estate service Avison Young.
The land, which is located at the Airport Coporate Centre in Mississauga, Ontario, will support a structure of as much as 1.1. million square feet of office space, as well as another 70,000 square-foot restaurant area. In total, the development is expected to cost approximately $300 million CAD (USD $295 million). The first building will begin construction in 2012, and will compose 125,000 square feet. There will be a rapid transit bus line next to the structure, as well.
"This development will change the face of the ACC given the scale and critical mass of the proposed restaurant/service amenities, which is lacking in the area, and the BRT station to be constructed directly adjacent to the site by the end of 2013," comments Lisa Lafave, senior portfolio manager of HOOPP.
HOOPP is a healthcare pension provider for residents of Ontario. It works with more than 300 employers, 250,000 members and pays more than $1 billion annually in pensions.