It looks like City of Mississauga’s vision for its eastern waterfront is coming together nicely.

The Ontario Power Generation has just sold the former Lakeview Generation Station to a consortium of developers for $275 million.  The conditions of sale include a requirement that 67 acres of the waterfront at Cawthra and Lakeshore that was part of the Lakeview Generation Station land, be remediated and transferred to the City of Mississauga.

The City has worked on a master plan for this parcel of waterfront land for a few years now.  Its Inspiration Lakeview Master Plan calls for the site to be redeveloped into four distinct precincts, known as the Rangeview Estates, Ogden Village, Innovation Corridor and the Cultural Waterfront precinct.

The plan is to create a mixed-use community with mid-rise residential buildings, a central retail hub, a high-tech green campus for research and development, as well as plenty of green spaces and an arts and culture hub. When completed, the site will be home to 20,000 residents and provide 9,000 jobs in Mississauga.

“Mississauga is ready to work with the consortium to build a master-planned community that will become a destination for tourism, business and innovation, putting Mississauga on the map,” said Mayor Bonnie Crombie, adding, “I’d like to acknowledge the dedication of former Councillor Jim Tovey, who laid out the blueprint for this transformation and advocated to make it a reality.” Councillor Tovey passed away suddenly this January.

Although no details are offered at this time about when the transformation will commence, the consortium is looking forward to the work of redeveloping the former industrial land into a vibrant, mixed-use community.

“Lakeview Community Partners Limited is a local team of industry leading community builders, comprised of TACC Construction, Greenpark Group, CCI Development Group, Branthaven Homes and Argo Development Corporation,” Fabio Mazzocco, the president of Lakeview Community Partners, said in a release announcing the sale.

“We look forward to working together with all stakeholders, including the local community, the City of Mississauga, the Region of Peel, the province and conservation authority to honour the late Councillor Jim Tovey’s vision for a vibrant, sustainable, and connected community – an icon on the shores of Lake Ontario in Mississauga.”

The official launch of the project is planned for April 10 at the Carmen Corbasson Community Centre, 1399 Cawthra Road at 6 p.m.