Edward Rogers to Unveil 10-Tower Condo Project Near Torontoby and
Rogers Communications deputy chairman moving into real estate
Toronto prices hot, pushing residents to outlier cities
The Rogers family, owners of Canada’s No. 2 telecommunications company, Rogers Communications Inc., is jumping into the booming real estate market around Toronto.
Rogers Real Estate Development Ltd., a private holding company controlled by members of the Rogers family, is set to build a 10-tower mixed-used project on 16 acres (6.5 hectares) in Mississauga, a city west of Toronto, according to city documents. A proposal by Rogers Real Estate was approved in the last 18 months for the site, according to the planning department’s website.
Edward Rogers, deputy chairman of Rogers Communications and son of founder Ted Rogers, is making an announcement Tuesday on the project, according to a media release. He will appear alongside the city’s mayor at the site, which is currently a field. No financial details were provided.
A spokeswoman for the City of Mississauga said Rogers Real Estate submitted a master concept plan and agreement, and the firm still needs to submit an application for review and comment, a process that takes about a year. A comment from Edward Rogers wasn’t immediately available, an external spokeswoman, said.
Rogers Real Estate is entering the property arena as homes prices in Toronto have doubled in the last decade, spurring record land transactions and development. Low-rise home prices of about C$700,000 ($530,000) have pushed residents to nearby cities and suburbs and into condominiums seeking more affordable options.
Rogers Real Estate filed for a trademark July 7th for “M City" and a logo with services to include real estate development, according to the federal intellectual property database.