OPG Sells Lakeview Lands
|Areas||Cleantech, Commercial Real Estate, Energy Law, Environmental Law, Municipal, Planning and Property Tax , Project (PPP) Finance|
Goodmans represented Ontario Power Generation (OPG) and Infrastructure Ontario in the sale of its 177-acre former coal-fired Lakeview Generating Station site in Mississauga to Lakeview Community Partners Limited. The former coal-fired power plant site is one of the of the largest undeveloped waterfront properties in the Greater Toronto and Hamilton Area and the fourth former OPG coal plant site to transition to a new, environmentally friendly use. The site will be transformed to a mixed-use community with parkland.
The Lakeview lands were sold for approximately $275 million and the conditions of sale include a requirement that 67-acres of waterfront land will be remediated and transferred to the City of Mississauga. The net proceeds from the sale of Lakeview lands will be transferred to Ontario's Trillium Trust to fund transit, transportation and other key infrastructure projects across the province.
Lakeview Community Partners Limited is a consortium of developers that includes Argo Development Corporation, TACC Construction Limited, Branthaven Homes, Greenpark Group, and CCI Development Group of Companies.