The rezoning will also significantly increase the value of the areas' public assets, proponents say
Social housing provider Toronto Community Housing Corporation and real estate developer Tridel Builders called on the municipal government to consider their rezoning proposal for Regent Park, which they said would help build 100s of additional new housing units for the city.
TCHC and Tridel said that increased density of development in the park’s Phases 4 and 5 areas could pave the way for the construction of at least 1,000 more housing units than previously anticipated, as well as add thousands of square metres of gardens, retail, and community space.
The groups said that such a rezoning will also significantly increase the value of the areas’ public assets.
“It will strengthen the Downtown East neighbourhood as a thriving and vibrant community for all Torontonians to use and enjoy well into the 22nd century,” TCHC and Tridel said. “To underinvest in the potential of Regent Park is to risk the opportunity for a transformed community and a thriving neighbourhood for future generations.”
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“In today’s climate, where housing affordability is on the minds of all Torontonians, this rezoning submission is an opportunity to house hundreds of families in new rent-geared-to-income and affordable housing,” said Jag Sharma, president and CEO of TCHC. “Beyond housing, our plan is a potential turning point for our city, where we can decide to help keep Toronto affordable.”
If approved, the rezoning plan is expected to add more than 500 additional affordable units; 1,792 additional market units; 4,454 square metres of additional commercial and retail space; 3,525 square metres of new community and cultural space; and a new Toronto Public Library.
“The Regent Park revitalization of Phases 4 and 5 is a long-term partnership focused on providing innovative, actionable solutions to affordable housing. We look forward to continue engaging with the community to bring their vision of Regent Park to life,” said Dino Carmel, CEO of Tridel Group.
