After 15 years of The Daniels Corporation being the development partner behind the five-phase Regent Park Revitalization, Toronto Community Housing Corp (TCHC) has announced that Tridel Builders Inc. has been chosen to develop the remaining two phases of the mixed-income neighbourhood.
On Tuesday, TCHC announced Tridel -- Canada's leading developer and builder of condominium residences -- had won the bid to become the partner for Phases 4 and 5 of the Regent Park Revitalization project, following a rigorous, multi-stage, competitive public procurement process that included both a Request for Vendor Qualifications (RFVQ) and a Request for Proposals (RFP).
The Daniels Corporation, Tridel, and Capital Developments were the three developers competing for the contract under the RFP. While Tridel is on deck for phases 4 and 5, The Daniels Corporation will continue to be TCHC's developer partner for Phase 3 to complete all work arising from its established partnership.
Being awarded the bid commits Tridel to a $26.8-million community economic development program that will benefit the tenants and residents of Regent Park and the evolving needs of the community.
The program will be shaped over the next year with "regular, frequent, and direct" input from the community on their priorities. Following this one-year process of community engagement, TCHC and Tridel will sign a community benefits agreement setting out how the funds will be used.
After three years there will be an opportunity to review the community benefits agreement to ensure that the purposes for which the funds will be used will ensure the program's continued success.
Concentrated along the north end of the community -- largely bounded to the south and north by Oak and Gerrard streets -- the final two phases will consist of a combined seven blocks.
Tridel says it's honoured to be selected as the developer partner for the final two phases and that it looks forward to working together with the Regent Park community and its partners at TCHC in the new year.
TCHC says it retained an external independent Fairness Commissioner, Justice Coulter Osborne, to oversee the entire procurement to ensure it was unbiased and did not favour or prejudice any one particular proponent.
"Our goal was to realize the best social and financial value for the development of this public asset, leading to the best possible outcomes for tenants and the people of Toronto," said TCHC Board Chair Tim Murphy. "We have reached that goal through the RFP. Tridel won the contract with a plan that provides outstanding value to the Regent Park community, TCHC and the City of Toronto."
"TCHC's approach in Regent Park is transforming the community into a successful, sustainable, mixed-income neighbourhood. We look forward to building on this award-winning work and to completing the final two phases of the revitalization in a manner that is consistent with the vision crafted by the community."
Once the project is fully completed, the Regent Park revitalization will have built 2,083 replacement rent-geared-to-income (RGI) units, 399 new affordable rental units, and 5,400 new market condominium units.