Regent Park…..It is not what you think!
Regent Park was built in the early 1950s as a housing project. As the buildings aged and conditions deteriorated, the city of Toronto considered demolishing and rebuilding Regent Park in the mid 2000s. The neighborhood has and is undergoing complete revitalization which is funded by all three levels of government: federal, provincial and municipal. It is a $1 billion 15 -20 year masterplan to build a mixed use, mixed socio-economic community. The revitalization will occur over five phases with phase three estimated to complete around 2020.
At the heart of Regent Park is a 6 acre park featuring splash pad, kids play area, greenhouse and public open space adjacent to the modern bright Regent Park Aquatic Center. On the south side of Dundas, the Athletic Grounds house a soccer field, basketball court and an ice rink. The integration of commercial storefronts creates higher foot traffic. Retailers include: Sumach Espresso, Sultan of Samosas, Fresh Co by Sobey’s, Tim Horton’s, Paintbox Bistro + Cafe and Shopper’s Drug Mart to name a few.
Regent Park is accessible via public transportation; 506 on Gerrard and 504 on Dundas which connect to the Yonge Subway line, financial district, Ryerson University and Dundas Square. The DVP ramp is on the east side of Regent Park via Dundas Street which connects commuters to the north end of the city or the core via the Gardiner.
Regent Park community is within walking distance of its surrounding neighbourhoods; Distillery District, Corktown to the south, Cabbagetown to the north and Riverdale to the east. Riverdale Farm ,7.5 acre park, which has a small zoo is just north off River Street.
Regent Park’s real estate is a mixed housing community incorporating high rise condos, Toronto Community Housing, town homes, seniors housing and purpose built rentals. Daniels, developer, teamed up with Toronto Community Housing to redevelop the 69 acre area. The condo projects include:
One Cole (1-25 Cole Street): 19 storeys with 292 units
One Park Place North (170 Sumach Street): 25 storeys with 363 units
On Park Place South (55 Regent Park Blvd): 29 storeys with 414 units
One Park West (260 Sackville Street): 13 storeys with 176 units
Paintbox (225 Sackville Street): 26 storeys with 282 units
One Park West Urban Towns (58 Cole St, 13 Oak Street, 101 Regent Street): 51 units
The Bartholomew: under construction
The Wyatt: under construction
The Sutton Collection: to be released
Whether you are are a real estate investor or end user, there is value in Regent Park condos with a strong upside due to its connectivity to surrounding neighbourhoods, accessibility, distance to downtown and it being a well thought out masterplan. Regent Park’s real estate consists of mostly high rise development with some options for townhomes and low rise. The area is more affordable on a price per square foot (psf) relative to surrounding neighbourhoods such as Distillery District, Corktown, Cabbage town and east core. Its proximity to downtown Toronto and affordability makes it an attractive neighbourhood for end users or real estate investors. There is value in Regent Park since the surrounding neighbourhoods are more expensive and affordability will drive more demand into the area. This is true for condo buyers and tenants looking for affordable options in the city. Recent sales range between $289,200 and $660,000 (May 2017 TREB statistics).
There are many attractions within Regent Park to make it a great live/play neighbourhood:
The 6 acre park
Athletic fields: soccer, basketball and skating
Regent Park Community Center which is connected to Nelson Mandela’s Public School
The closest Toronto Public library is located at 269 Gerrard Street East (at Parliament Street)
Elementary Schools in the area: