Regent Park spans 69 acres and, according to the last census, is Toronto’s fourth-most densely populated neighbourhood.
The Daniels Corporation leads the Regent Park Revitalization Project. Phase 2 is currently underway and is estimated to be completed sometime in 2017, and phase 3 has already begun.
So why do we love Regent Park so much? Here are our three top reasons why we believe that Regent Park is a great prospect for long-term real estate growth.
At walking distance from some of Toronto’s popular neighbourhoods, including the St Lawrence Market, Cabbagetown, and Ryerson University, Regent Park is ideally located. The area also has fantastic TTC options for transportation. You have TTC lines outlining Regent Park on three sides, and it’s less than a minutes drive from the DVP.
One of the most amazing things with the Regent Park revitalization project has been the community amenities that have come to the area.
To begin, the award-winning Regent Park Aquatic Centre is absolutely stunning. This facility contains a 25-metre lap pool, leisure pool, spa pool, tarzan rope, diving board, and water slide. Yes, I did say tarzan rope!
Secondly, the $30-million Daniels Spectrum centre is home to a number of arts and cultural-based events. Every year, Daniels Spectrum welcomes tens of thousands of visitors for music and theater events in their 60,000 square foot facility. And, in 2015, this facility won the EDRA Great Place Award.
Plans are also underway to develop the 2.8-acre Regent Park Athletic Grounds, which will include a hockey rink, basketball court, soccer field, and running track. The park has been primarily funded by Maple Leaf Sports and Entertainment (MLSE).
The Regent park revitalization project has brought in a number of new retail operations to the area. These include Freshco by Sobeys, Rogers, Tim Hortons, RBC, and much more.
In fact, so far the revitalization project has created approximately 500 jobs. This is estimated to rise to over 1,100 when the project is complete. These figures are always positive for real estate investors because it shows a strong local economy that is growing as we speak.
To date, our favorite development in the newly revitalized Regent Park area is the DuEast project by Daniels. With a walkscore of 96, this 300-unit 26-story development has so many attractive qualities for investors. Not only is the Dundas streetcar right at your doorstep, but you – or your tenants – are front-and-center to all of the above-noted amenities within Regent Park.
Located at Sumach Street and Dundas Street East, this is the first condo project within Phase 3 of the Regent Park Revitalization project. From studios to 3-bedroom units, you can get in on the ground floor of the Regent Park renewal from the low $200,000’s. That’s a steal in a hot market like Toronto!
Click here for more details on the DuEast project.
We believe that it is important to consider these types of revitalization projects because they become huge master-planned communities with mixed uses; commercial, office space, retail, and residential. As a result, jobs, infrastructure, and amenities come into these areas making them an excellent long-term buy-and-hold option for investors.
If you want to talk more about this important opportunity, please get in touch with us today.
Ryan Coyle, Co-Founder CONNECT Asset Management