Remaining redevelopment of Regent Park now at risk
But as the Toronto Star reported this past weekend, the city of Toronto's looking for contributions from the federal and provincial governments to help pay for the third phase of this massive redevelopment project. According to the Star, the city is $108 million short.
Toronto Community Housing is working with The Daniels Corporation to redevelop the 69-acre neighbourhood. Already, the area boasts a mixture of rentals, condos and a much-lauded community and aquatic centre.
As the Star notes, phase three of this project consists of the Regent Park Athletic Grounds as well as replacing 637 rental units, which includes units in two buildings that haven't gone up yet.
So far, the city's spent $512 million on this initiative. The federal government's spent $35 million and the provincial government's put forward $85. The Star writes that the city will use the additional money to help nearly 400 families move back into the neighbourhood.
The two levels of government have not committed this additional money yet.
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