Avision Young has announced that Healthcare of Ontario Pension Plan (HOOPP) acquired 33 acres of property in Airport Corporate Centre (ACC), a Canadian business park in Mississauga. In the $300-million-dollar development, HOOPP intends to develop the property into 1.1 millions square feet of office space and over 70,000 square feet of restaurant and service facilities.
HOOPP plans to start construction of the first office building in the third quarter of 2012. All of the buildings in the development will be constructed with the goal of achieving Leadership in Energy and Environmental Design (LEED) Gold certification. The property is located south of Pearson International Airport and next to Spectrum Station. The area will eventually make up part of the Mississauga MiWay Bus Rapid Transit (BRT), scheduled for completion at the end of 2013.
The urban campus-style development will features restaurant/service amenities in a space of over 70,000 square feet. May reastaurant tenants have already expressed an interest, and the development company, BPI Consultants Corp., expects retail opportunities to follow in early 2012. The goal is to create a central location for dining and gathering in a corporate business park that has no food courts or other such amenities.
The office buildings will range in size from 125,000 to 250,000 square feet and will be ideal for companies looking for office space close to the airport. Major companies already in the area include Pitney Bowes, Hershey, Target Canada, FedEx, PepsiCo, and General Mills.
Healthcare of Ontario Pension Plan (HOOPP) is a pension plan provider for over 250,000 healthcare workers in Ontario, paying over $1 billion in healthcare pension benefits per year. Avison Young is a commercial real estate services company with headquarters in Toronto. It employs more than 800 real estate professionals in the U.S. and Canada.