MISSISSAUGA, Ontario, July 04, 2022 (GLOBE NEWSWIRE) — With over 55 years of real estate investment and asset management experience, the Ahmed Group of Companies (Ahmed Group), a family-owned real estate investment firm, will soon bring forward a new development proposal to address the housing crisis by delivering essential rental housing to the residents of the Region of Peel with their latest project located at 1000 and 1024 Dundas Street East, City of Mississauga.
If given the green light, two towers of 16 and 20 storeys over a four-storey podium will bring a total of 462 essential rental units to the City. Once completed, the transit-oriented, mixed-use development will feature one-, two-, and three-bedroom apartments, ample green space, improvements to the public realm, community space, and an urban farm.
Designed by world-renowned WZMH Architects, the proposed purpose-built rental development from the Ahmed Group is designed as a walkable community with a pedestrian-focused experience. It will also offer ground-level commercial space for retail and office use to support current and future businesses in the area. Landscape architecture has been designed by the notable IBI Group Landscape Division.
A passion for creating vibrant communities
Mississauga is a rapidly growing city and is home to more than 717,000 residents, thousands of businesses, 60 Fortune 500 offices, the University of Toronto’s Mississauga campus, Sheridan College, Pearson Airport and much more.
As of 2022, the Ahmed Group is involved in the development of over 1,500,000 square feet of new purpose-built rental (residential apartments) construction across Ontario.
“Our city is richly diverse, inclusive, vibrant and growing. It is clear people want to live, work and play in Mississauga,” said Moe Ahmed, President and CEO of Ahmed Group. “My father came to this country as an immigrant to chase his dreams and raise his family here. I was born in Toronto, raised in Mississauga and have never left. My wife and I are proud to live in Mississauga with our families. We want more families, seniors, students and young professionals to have the opportunity to reside here.”
The current rental housing supply
Vacancy rates have trended downwards across Canada, falling from 2020 to 2021, and continuing into 2022. A recent market report from the Federation of Rental-Housing Providers of Ontario (FRPO) and Urbanation shows that Ontario is facing a shortage of 200,000 rental units over the next decade. With vacancy rates in Peel at an all-time low and the demand for housing at an all-time high, the announcement of the Ahmed Group’s proposed development is welcome news.
“We’re in the midst of a housing supply crisis here in Peel, and frankly all over the province. We see this proposed development of our properties at 1000 and 1024 Dundas as a logical step in doing our part to help tackle the lack of housing availability,” said Ahmed. “Few places have been more impacted by the housing crisis in this country than the GTHA and the Ahmed Group is dedicated to providing quality rental options.”
Advancing the City of Mississauga’s vision
The Ahmed Group’s proposed development comes after a series of important steps taken by the City of Mississauga, the Region of Peel, and the Province to guide future urban growth and intensification of the region.
In June 2018, Mississauga City Council endorsed the Dundas Connects Master Plan to establish a vision for the Dundas Street Corridor, supporting major improvements to transportation, sustainable transit-supportive development, intensification, and the public realm along the 19.5-kilometre corridor of Dundas Street.
In March 2022 the federal, provincial and municipal governments committed $675 million to support three transit initiatives in Mississauga, including the Dundas bus rapid transit system (Dundas BRT) that will run through Mississauga connecting Toronto to Oakville. In addition to the BRT, Mississauga will build the Hurontario Light Rail Transit (LRT) which will connect with the Dundas BRT, creating north-south and east-west transit connectivity across the rapidly growing region. Shortly after, the Region of Peel voted to approve its Official Plan to 2051, expanding the Region’s urban boundary—the area within which landowners and homebuilders are allowed to submit applications for development—in June.
“We are encouraged by the steps that the City, the Region of Peel, and the Province have taken to address the need for more residential housing, mixed-use transit-oriented developments, walkable communities and greenspace,” said Ahmed. “Ahmed Group is committed to creating projects that support the City and Region’s vision and serve as a catalyst for transformative change in Mississauga’s Dundas East community.”
The Ahmed Group’s future projects
The Ahmed Group also has additional projects at various planning and proposal stages in the Queen and Main, Dundas and Confederation, and Mississauga Road and QEW areas of the City.
The developments will be geared towards the purpose-built rental market further addressing Mississauga’s growing housing needs with the objective to support transit equity through bicycle facilities, walking paths and mass transit connections.
“As city builders, we have a corporate social responsibility to help create more attainable rental housing options and contribute to the revitalization of neighbourhoods,” said Ahmed. “Healthy, transit-oriented communities are an essential tool in building a thriving Mississauga. We take pride in our responsibility of developing new rental units that will enrich the lives of people in the community.”
About the Ahmed Group of Companies
The Ahmed Group of Companies (“Ahmed Group”) is a Canadian-based family office whose primary objective is to invest in the development and construction of Canadian real estate. The group consists of three primary subsidiaries: Ahmed Holdings, Ahmed Developments, and Ahmed Asset Management. As of 2022, the development arm of the Ahmed Group has a development pipeline of over $1 billion in completed value, and the asset management arm has nearly $60 million in assets under management.
The group traces its origins back to 1966 in the City of Edmonton, Alberta, when
the late Dr. Hashim M. Ahmed (1942-2016) put down roots and first established his real estate investment business. Originally from Hyderabad, India, Dr. Ahmed was among the first Hyderabadis to migrate to Canada in the early 60s. A prominent, outspoken community leader and passionate human rights activist, Dr. Ahmed’s teachings inspire and influence the decision-making of the group to this day. Dr. Ahmed’s eldest son and successor, Moe Ahmed, currently leads the group, as President and CEO.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d4e7a7f8-7bbe-40e9-aa77-fdb3fc65c0b3