Why Regent Park is One of the Best Toronto Neighbourhoods to be Renting in This Year
Savvy Toronto renters are turning to Regent Park in Toronto’s Downtown East, a rising star on the city’s urban planning and real estate scenes.
The award-winning – and forever evolving – downtown east Toronto neighbourhood has come a long way in its journey to become an increasingly coveted spot for young professionals and families to call home.
The neighbourhood’s roots date back to the late 1940s when it was built as a public housing project, managed by Toronto Public Housing. For decades, all of Regent Park’s underdeveloped residential developments were designated as social housing and remained glaringly isolated from the rest of the city. The neighbourhood maintained a stereotypically rough reputation as time went on and building façades began to crumble.
The past decade, however, has seen the neighbourhood become one of Toronto’s most desirable. It’s also brought an influx of new residents, including many renters, who seek attainable access to Toronto’s often out-of-reach urban core – and in a convenient, lifestyle-centric pocket of the city. What’s more, the last 10 years have also seen increased job creation, providing sustainability for residents and the community overall.
After all, Regent Park is virtually unrecognizable these days. Rather than stretches of single-purpose public housing units, the vibrant neighbourhood follows a mixed-income revitalization model featuring a street grid that seamlessly incorporates the surrounding communities. The vision also includes colourful and modern architecture, welcoming, retail-filled streets and no shortage of rich community offerings.
In 2005, The Daniels Corporation was chosen to partner with Toronto Community Housing Corporation (TCHC) to revitalize 53 of the 69 acres in Regent Park, which is now viewed as the new gold standard for re-imagining challenged urban neighbourhoods around the world. The redevelopment began in the east end of the community, predominantly centred around the intersection of Dundas and Parliament. The ongoing phase three is scheduled for completion in 2023. Early stages of phase four are also currently underway, which will include more market condominiums and rental units.
As a result of all this activity, Regent Park is now home to diverse restaurants and cafés, grocery stores, state-of-the-art athletic grounds, a six-acre community park, an enriching community centre with one of Toronto’s best swimming pools, and a remodelled public school. The star of the show, however, is likely Daniels Spectrum, a 60,000-square-foot arts and culture hub that plays host to community events, youth and adult programs, hallway galleries and exhibitions, and more.
One of the most exciting new developments in the rapidly revitalizing community is the aptly named Evolv, developed by The Daniels Corporation and managed by Daniels Gateway Rental Communities™. Taking over now sought-after space at the northwest corner of River and Shuter Streets, the 29-storey Evolv Rental Residence will offer over 340 purpose-built and condo-inspired rental suites, with rates starting at $1,650 per month; the project is designed with the well-rounded urban lifestyle front and centre.
The units will range from studios to highly coveted (and hard to find) family-friendly four-bedroom two-storey townhomes. These remain particularly important to young families at a time when Toronto’s home prices have been outpacing income for the past few decades, making home ownership for many residents out of the question (at least for now). Once frowned upon in favour of home ownership, renting actually may make the most sense for many families who wish to forego ongoing costs of maintenance, utilities, home insurance, and property taxes… let alone the initial transaction costs of buying.
Aside from the financial appeal, renting also makes an attractive option on the lifestyle front when it comes to everything from a well-curated collection of amenities and impressive modern spaces, to the convenience factor. The common themes throughout Evolv are design-forward and innovative spaces; each suite is outfitted with modern and contemporary finishes, including vinyl plank flooring, 9-foot ceilings, and stainless-steel appliances, not to mention in-suite laundry and spectacular views.
Catering to everyone from single students to large families, Evolv’s endless amenity offerings include co-working spaces, bookable meeting rooms, a media lounge, pet wash, a kids’ room with dedicated outdoor terrace, gardening plots, a party room with a terrace complete with barbecues and seating areas, a fitness room with a yoga/stretch studio situated on the top floor of the building, and a theatre room with adjacent catering area and lounge. Further adding to the convenience factor, the rental residence will house approximately 8,000-square-feet of street level retail space.
Much of the appeal of this project is the reliable Daniels Gateway name. The Daniels Corporation’s award-winning construction team has over 35 years of experience, and the project is managed by Daniels Gateway Rental Communities™, whose expertise spans over 18 years in rental communities across the GTA. Furthermore, renting in a Daniels Gateway Rental Community™ opens the door to home ownership with the Daniels Home Investment Program (HIP)™, which allows residents the opportunity to accumulate “HIP dollars” each month towards the purchase of a new Daniels home with no fees added to the monthly rental rate.
What’s more, the Reserve First Program is now underway – this program allows those interested in the project to reserve a suite ahead of the general public, with no costs, no hidden fees, and no surprises. Joining the Reserve First Program means joining the evolution; you’ll be the first contacted to sign a lease application when the time arrives to do so, you’ll be the first to select a suite, floor and view at Evolv and, most importantly, you’ll lock in the best rental rate available. (Contact the Evolv Leasing Team to learn more about Reserve First.)
With construction cruising forth on the anticipated project, occupancies will start in spring 2021. Those in the market for ‘evolution’ on the lifestyle front should register for this coveted new rental opportunity soon. Based on the performance of other Daniels Gateway Communities, these units won’t last long.