Tridel and Toronto Community Housing Corporation (TCHC) have together tendered for the municipal government a rezoning application to increase density by more than 1,000 units in the fourth and fifth phases of their Regent Park development.
A news release detailed the proposal amendments, which would add 500 more affordable units than initially planned, 1,792 market units, 4,454 sq. m of commercial and retail space, 3,525 sq. m of new community and cultural space, and a new Toronto Public Library location, to what will become a mixed-income neighbourhood just east of downtown Toronto.
In a news release, the two organizations contend that their proposal would optimize the value of public assets and build prosperity within the Regent Park, Cabbagetown, Moss Park and St. James Town neighbourhoods, and that underinvesting in Regent Park would present a missed opportunity for future generations.
The rezoning submission included input from community members, who were involved more than 1,500 resident interactions, and used surveys administered by TCHC and Tridel. Due diligence also included virtual community meetings, focus groups and consultations with community organizations.
The fourth and fifth phases represent the last segments of the development and will be bordered by Gerard, Oak and River Streets and Dreamers Way. The initial plan was approved in 2014 and included 564 rent-to-geared-to-income (RGI) units meant to replace 2,083 TCHC-operated and RGI units.
"Tridel is excited to be a strategic partner for such an important initiative. We are thrilled to be working closely with both Toronto Community Housing and the City of Toronto to support the need to build housing throughout the city,” Tridel Group CEO Dino Carmel says. “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. As a homebuilder, the rezoning application is an important milestone that aligns with our commitment to deliver quality, sustainable homes to Toronto residents and families."
