CentreCourt has launched construction of one of the largest mixed-use developments in the Toronto area with the start of construction on the first two condominium towers planned at Pickering City Centre.

When fully built out, the project would contain 6,000 new homes in more than 10 towers, a revitalized shopping centre and park space.

The condo towers, one rising 40 storeys and the other 45, will add 974 residential units to the 55-acre mixed-use project at the intersection of Glenanna Road and The Esplanade South across from Pickering City Hall.

From left: CentreCourt partner and Senior Vice President of Development Mitch Gascoyne, Durham Region Regional Chair and CEO John Henry, Pickering Mayor Kevin Ashe and CentreCourt managing partner and President Gavin Cheung. (CentreCourt)
From left: CentreCourt partner and Senior Vice President of Development Mitch Gascoyne, Durham Region Regional Chair and CEO John Henry, Pickering Mayor Kevin Ashe and CentreCourt managing partner and President Gavin Cheung. (CentreCourt)
Pickering City Centre is being built at the existing Pickering Town Centre Mall site, which is expected to be incorporated into the new mixed-use project. CentreCourt acquired the property from the Investment Management Corp. of Ontario, a non-profit, independent investment manager that serves as a professional asset manager for Ontario sector institutions. CentreCourt purchased the property for $203 million, according to CoStar data.

“Pickering City Centre represents an unmatched opportunity to reimagine a beloved community hub as a modern downtown destination,” said Gavin Cheung, managing partner and president of CentreCourt.

CentreCourt said it is working to transform the entire property into a high-density, mixed-use complex that includes residential towers, retail, public spaces and transit access. The developer said over $25 million in site servicing is now underway, including building new roads and utilities and creating City Centre Park. The park would replace a surface parking lot and offer several onsite amenities, such as skating rinks, splash pads, event spaces and landscaped green areas. CentreCourt has already transferred the land for the park to the city of Pickering.

This groundbreaking comes at a time when many housing projects across Ontario are stalled due to financing and policy challenges. Pickering City Centre is moving forward thanks to a development charge deferral policy introduced by the city and the region of Durham. CentreCourt will pay development charges at occupancy rather than at the time of permit issuance.

The CentreCourt project is being built at the Pickering Town Centre Mall. (CoStar)
The CentreCourt project is being built at the Pickering Town Centre Mall. (CoStar)
The developer plans to add a 55-storey tower that would become the tallest building in Pickering to anchor the site. The revitalized shopping centre has leases with Sephora, Lululemon, JD Sports, Dave’s Dave’sicken and Pickleplex. The retail footprint will expand with new street-level shops and public spaces designed by Diamond Schmitt Architects.

Pickering City Centre will connect directly to Pickering City Hall and the Pickering GO Station to create a transit-integrated downtown core that combines residential, commercial, and public amenities. CentreCourt, which has delivered over 10,000 homes and $5.6 billion in development value since 2010, is leading the project with support from its $400 million equity fund launched in 2022.

Source CoStar. Click here for the full story.