Edenshaw Developments has started construction on a 30-storey apartment building that is virtually on the doorstep of the Port Credit GO Station and its head office, a project joining the boom in purpose-built rentals.

Located at 23 Elizabeth St. N and 42-46 Park St. E, the 315-unit project is the Mississauga-based highrise developer’s first purpose-built rental since 2016, namely Alto in Toronto.

Featuring one-bedroom, one-bedroom-plus-den and two-bedroom units, the apartment in the Mississauga neighbourhood of Port Credit is built for long-term living and families with its suite sizes and amenities such as wellness and fitness options and pet-friendly spaces.

Edenshaw acquired the site for its “excellent” transit connections, including the Hurontario Light Rail Transit system that is currently under construction, and walkability to commercial, dining, retail and recreational choices in the Port Credit area, Oscar Piovesan, its chief operating officer, said in an interview with RENX.

“Knowing what the demand for housing is in the (Greater Toronto Area), we thought it was a good idea,” he said.

The post-COVID condo boom has flatlined in the Greater Toronto Area, but Edenshaw forecasts high demand for purpose-built rentals in the aftermath, Piovesan said. Edenshaw’s upcoming development is in “the perfect place” to ride the wave, he added.

Development aimed at families, working professionals

Of the 315 units, 31 per cent are one-bedroom, 23 per cent are one-bedroom plus den and 46 per cent are two-bedroom.

Piovesan declined to outline expected monthly rents at the apartment. Data from RentalRealty.ca shows median monthly rent for a one-bedroom unit over the last 12 months in Port Credit at $2,150 and $2,600 for a two-bedroom unit.

The close proximity to public transit is expected to attract young professionals and young families to the development. Unit layouts can accommodate couples with one to two children, Piovesan said. 

Amenities, sustainability

23 Elizabeth St. is to have a gym, cold plunge tub and infrared sauna as its wellness and fitness amenities. Joining those are co-working and social spaces, terraces with barbecues, a pet spa and an outdoor dog run.

Edenshaw is aiming 23 Elizabeth St. to be “very much like any other condominium building that’s been recently built” with its amenities, finishes and design. “We’re not going lower quality or a different team or a different concept or mindset,” Piovesan said.

The Port Credit area is well-established with many businesses and restaurants, with parks and access to the lakefront also nearby. Downtown Mississauga, including the Square One mall, are approximately 20 minutes away by car and 40 minutes by bus. Downtown Toronto can be reached in about 30 minutes via GO train.

A standout sustainability element of the building is the inclusion of a geoexchange system that can heat and cool the building. This is designed to reduce the building’s carbon emissions when compared to a similar building powered by natural gas.

Additionally, Edenshaw is targeting LEED certification for the building and to meet the Canada Mortgage and Housing Corporation’s Energy Efficiency Level 3. 

Occupancy is slated to take place in April 2029.

23 Elizabeth St. would be nearby Edenshaw’s two condos in Port Credit – Westport and Tanu. “We have a deep sense of belonging to this community,” Piovesan said.

Apartment demand expected to surge

Edenshaw is confident 23 Elizabeth St. will be open to residents at a time of elevated demand for highrise rental housing.

The condo slowdown has led to a glut of unsold units, which applied downward pressure on rents, Piovesan said. Condo development has plunged in Toronto, which means by 2028 to 2029, Edenshaw anticipates a severely constrained supply of highrise apartments.

“That’s going to create a situation where the fundamentals for the rental market are going to remain strong,” Piovesan said.

To leverage this forecast, Edenshaw has plans for another purpose-built rental building in Mississauga, a highrise close to the City Centre which is centred around Square One. The developer has more land holdings in its pipeline as well, Piovesan said.