HOOPP plans major office, retail development on 33-acre property
The Healthcare of Ontario Pension Plan (HOOPP) has acquired a 33-acre property near Pearson International Airport, and is planning to develop more than 1.1 million square feet of office space, and 75,000 square feet of commercial space. The news comes on the heels of HOOPP receiving LEED Canada Gold certification status for its AeroCentre V development, located nearby.
Real estate is essential to HOOPP’s ability to deliver pension benefits to the 260,000 working and retired nurses, x-ray technicians, dietary aides and other healthcare workers who depend on it, says HOOPP president and CEO John Crocker. “Real estate provides steady income – much like the pensions we provide,” he says. “It’s a natural fit to our portfolio.”
The project will be a plus for Mississauga area businesses, says Lisa Lafave, HOOPP’s senior portfolio manager. “The project will cater to what businesses in the area have been seeking for many years – high-performance work environments with access to amenities and efficient public transportation connecting to the subway system.”
HOOPP will work to high LEED standards on the new development, aiming for another Gold certification, says Lafave. “There’s no question that people want healthier buildings – and that’s the direction HOOPP will continue to head,” she says.
Created in 1960, the HOOPP is a pension plan for Ontario’s hospital and community-based healthcare sector with over 370 participating healthcare organizations. HOOPP invests the assets of its $35.7 billion fund, administers the Plan and pays more than $1.2 billion per year in pension benefits.