Ontario Power Generation (OPG) completed 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.
OPG was represented by Alison Folosea, Counsel, and Samantha Piane, Counsel, Law Division. OPG’s advisor, Infrastructure Ontario, was represented by Daniel Horowitz, Director, Legal Services. Goodmans LLP, with a team that included Anne Benedetti (municipal planning), Kate Lyons (municipal planning and environmental), Jeffrey Shore (real estate) and Max Laskin (municipal planning) represented OPG and Infrastructure Ontario.
Agro Zaffiro LLP represented the purchaser with a team that included David Elliot, Philip Cumbo and Hila Taraky (real estate). The purchaser was also represented by Patrick Harrington (municipal planning) and Scott Stoll (environmental) of Aird & Berlis LLP and Ira Kagan (municipal planning) of Kagan Shastri LLP.
The purchaser’s lenders, a syndicate led by Royal Bank of Canada, were represented by Paul Avis of McMillan LLP, with a team that included Robin Junger, Shahram Khalili and Alex Ricchetti.
Quinto Annibale and Mark Joblin (municipal, land use planning & development law) of Loopstra Nixon LLP represented the City of Mississauga. The City of Mississauga was also represented by its in-house legal team consisting of Mary Ellen Bench, Marcia Taggart and Annie Thuan.