Morguard Corp. (MRC-T) believes that many empty nesters will go the rental route and occupy the lion’s share of units in its upcoming Boulevard on the Green purpose-built rental development in Mississauga.

Located at 725 Village Green Blvd. in the city’s East Mineola neighbourhood, the development will house 431 units in one nine-storey and two eight-storey residential buildings on a 3.7-acre site. The project cost has not been divulged.

Boulevard on the Green broke ground in August 2024 and had a topping-off ceremony on Oct. 7. Occupancy for tenants should begin next fall. 

“We believe that our ideal or dominant client will be empty nesters,” says Brian Athey, senior vice-president, development at Morguard.

“The Mineola area is very much a single-family area with a number of larger homes. We’re expecting that there will be people that want to downsize and stay in the community, close to family and kids and grandkids.”

Few new rental projects in the area

Athey says there are not many new rental projects in Mississauga. Having a high-quality rental product in the market will not only be attractive to empty nesters but to younger families and working couples without kids.

“I think rental provides a good alternative to having to buy a condominium to get the size and quality that we provide,” he says.

Being able to rent from a corporation “provides what we call security of tenure,” Athey says. Renting from a condo investor holds the risk that the owner will sell or decide to move back into the unit, “but with our rental projects, tenants have the right to continue to renew their lease and stay as long as they like.”

Morguard has launched a pre-registration website and expects to start leasing next June, when it will have a leasing office, amenity spaces and a few model suites completed.

Athey says Morguard is estimating it will take 12 to 18 months to lease the development. Rental costs have not been determined.

Boulevard on the Green is near the intersection of Cawthra Road and Atwater Avenue and is sandwiched by the Queen Elizabeth Expressway to the north and Lakeshore Road to the south. It’s also close to the waterfront and Port Credit GO Station.

The buildings are now fully enclosed, with exterior wall systems, cladding and windows completed. Work is now focused on the interior.

Range of unit offerings

The development will offer a range of units, from studios to three-bedrooms and townhouses. However, it is “heavily weighted toward one and two bedrooms.”

The development’s name, Boulevard on the Green, “is a reflection of the theme of the building which is very much about wellness and the living green lifestyle,” Athey says.

Boulevard on the Green includes a range of indoor and outdoor amenities, including a fitness facility with state-of-the-art equipment, a quiet room for yoga, pet spas, a games room, screening room, golf simulator room, wine lounge, chef’s kitchen, private dining room and co-working spaces.

Each building will have a rooftop terrace with barbecues. There will also be a greenhouse where tenants can grow their own produce, an outdoor kids play area, a putting area and a pet run.

There will be about 550 underground parking spots, providing a ratio of about 1.3 stalls per unit. “If people want two stalls, it’s very likely we will be able to rent them.”

The building is targeting LEED Gold certification “which is an important sustainability benchmark for our company,” he says.

To support its LEED Gold certification target, the development will include heat-recovery ventilation, rainwater capture for irrigation, energy-efficient lighting and EV-ready parking.

Fifty per cent of the underground parking stalls have been pre-wired. “We haven’t landed on the exact number of EV charging units we will be installing but we are capable of providing up to 50 per cent of our parking stalls with EV chargers.”

Other Morguard developments

Morguard does not have any other rental projects under construction but has about a dozen projects in various stages of development. The company has sites in Mississauga, Brampton, Toronto, Ottawa and Vancouver, many of which are tied to the developer’s existing shopping centre assets, that will undergo mixed-use developments. 

These include the Bramalea City Centre in Brampton and Centerpoint Mall at Yonge St. and Steeles Ave., which is managed by Morguard.

Centerpoint “is a very active site for us with good potential,” Athey says. The former two-storey Hudson's Bay building at Centerpoint is making way for the future Steeles Station as part of the Yonge North Subway Extension.

The rental market is “quite strong,” he says. “We think it’s a good asset class to be invested in.”