As reported on CTV News, a major redevelopment of a 72-acre plot of land on Port Credit’s waterfront that has sat vacant for nearly 30 years is now one step closer to getting underway.

The one time industrial property located at 70 Mississauga Road and 181 Lake Shore Road East was home to an oil refinery and storage facility but has sat empty since Imperial Oil decommissioned the site in 1990.

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At a meeting on Wednesday, Mississauga city council approved the development plan for the site though the matter still has to go before the Local Planning Appeals Tribunal on Aug. 7.

Construction could then conceivably begin in 2020.

The development plan calls for the land to be transformed into a mixed-use site with nearly 3,000 residential units, retail sites, office space and a new waterfront park.

Once fully built the development is expected to bring an additional 7,000 residents to Port Credit, boosting the area’s population by about 55 per cent.

“I am pleased that we are moving forward with next steps to revitalize these former brownfield lands into a vibrant waterfront destination that will attract residents from Mississauga and beyond,” Mayor Bonnie Crombie said in a press release issued Tuesday. “As an important city-building initiative, this redevelopment will drive tourism, create jobs and boost economic growth, helping put Mississauga on the international map. We will continue to work together to ensure our vision to transform the waterfront becomes a reality.”

The proposed development, which has been dubbed “West Village,” will include more than 500 townhomes and 2,458 condominium units in mid-rise and high-rise buildings that will be capped at a maximum of 29 storeys.

Keep reading and watch the news video on CTV News