Mississauga Square One Condo Investing – Impact of Sheridan College
On December 15th, 2009 official groundbreaking took place for phase one of the new Sheridan College campus at Mississauga Square One. The new college facility is being built under the Federal-Provincial Infrastructure Stimulus Funding program, and as such, the 150,000 sq. ft. building must be completed by March 31, 2011. Some 1,700 students will attend classes when the school opens in the fall of 2011, including 1,200 business students, plus there will be 560 spaces for new Canadians who are being retrained to enter the workforce. Actual construction will commence in February, 2010, and is being managed by Bird Construction.
The campus will be located on an 8.5-acre parcel of land, just north of the Living Arts Centre, between Prince of Wales Dr. and Rathburn Rd. W. and will include such features as a pedestrian bridge, open parkland and a traffic roundabout.
When phase two of the campus is built after 2011, there will be room for 5,000 students.
How will this new campus impact condo investment in the Mississauga City Centre (MCC)?
Well, the news is all good. Vacancy rates are currently low in the MCC area, despite all the new developments recently completed. And the addition of 1700, and later up to 5000 university-age students in the immediate area will only add to the pool of available renters. Current large projects in the sales stage, such as Amacon’s Parkside Village, should see a sales boost from this new campus. We predict a decline in rental vacancy rates once the campus is up and running, with the potential for a firming of rental rates.
Investors looking for long term potential gain in the Mississauga Square One city centre area should look upon the addition of the Sheridan College campus as a major windfall.