A developer is looking to significantly scale up its project in a Mississauga neighborhood.

NYX Tannery LP plans to construct a 12-to-14-storey apartment building with a total of 633 units near the intersection of Queen Street South and Tannery Street in Streetsville. This proposal marks a substantial increase from the 2021 approval for 147 townhouses on the same 4.4-acre site, which includes 51 and 57 Tannery St. and 208 Emby Dr.

The new plan represents an increase of 486 units, more than four times the original approval. Planners argue that this larger development is a “better use of existing land” close to the Streetsville GO station and will offer a variety of housing options to benefit the local community.

According to a report by planning consultants Glen Schnarr and Associates Inc. (GSAI), which is representing NYX Tannery, the revised plan aims to create a compact, transit-oriented development with diverse residential options to meet the needs of the community. The proposal includes 342 single-bedroom units, 187 two-bedroom units, 73 three-bedroom units, and 31 bachelor units, along with 602 vehicle parking spaces and 426 bicycle parking spaces.

“This development will help create a complete Streetsville community where residents can live, work, play, and shop locally,” the report states.

Local Councillor Brad Butt mentions efforts to scale down the project slightly to better fit the character of Streetsville, but acknowledges that the proposal is part of a broader initiative to increase housing in Mississauga, including in Streetsville.

Currently, only townhouses are permitted on the site, and city zoning rules limit the height to three storeys without amendments.

NYX Tannery LP is a subsidiary of Montcrest Asset Management, a Toronto-based private equity firm involved in acquiring and developing underutilized properties. Last year, Montcrest sold a collection of self-storage buildings for $310 million and acquired a 22-acre property on Tahoe Boulevard for over $40 million, where three industrial buildings are planned.

The NYX Tannery proposal is one of several projects that could significantly alter Streetsville. Nearby, De Zen Realty Company is seeking approval for a multi-tower, mixed-use development with around 1,800 units at 120 Queen St. S., and City Park Homes has received approval for a 232-unit, eight-storey project at Queen Street South and Britannia Road West.

Both the NYX Tannery and De Zen proposals come in response to changes in the Planning Act that allow developers to appeal to the Ontario Land Tribunal if a city doesn’t make a decision within 120 days of an application being deemed complete.

Councillor Butt notes that this strict timeline means the NYX Tannery proposal is likely to be reviewed by the council this fall, limiting the flexibility for negotiations compared to past practices.

NYX Tannery’s application was deemed complete on July 17, according to a City of Mississauga spokesperson.