Toronto's Regent Park revitalization project received a boost on Tuesday with the announcement of a condominium that will offer luxury units, rental suites and three businesses that will offer services not seen in the area before.
A ground-breaking ceremony introduced One Cole Condominiums to the downtown east neighbourhood, which is the oldest social housing complex in Canada.
The condo, part of the first phase of revitalization, will bring together low-income and middle-income families, spurring new development -- an essential "step forward in the renaissance of Regent Park," Mayor David Miller said.
"It's such an excellent start, that people are going to be saying, 'Regent Park is really turned around. It's one of Toronto's neighbourhoods that we're proud of,'" Miller said.
The first floor of the condo will house a Sobeys, Tim Hortons and RBC Royal Bank.
The three national retailers share the vision of a vibrant Regent Park, and other businesses will want to begin investing in the area, Miller said.
Martin Blake, of the Daniels Corporation, said One Cole will be an energy-efficient and eco-friendly building.
The Regent Park redevelopment began in 2006. The plan has six phases and is expected to be complete in 12 years.
The social housing community in the Parliament and Gerrard Streets area was built with great promise in the late 1940s. But many Torontonians have now come to refer to it as the city's ghetto, as the area has been plagued by crime, drugs and gangs.
Every building will be destroyed and replaced with new private and public housing. Parks and green spaces will be constructed to open up the neighbourhood.
The entire revitalization is expected to cost about $1 billion with half coming from the private sector. The other half will come from the Toronto Community Housing association and the city of Toronto.
About 85 per cent of residents who lived in the community have been relocated to nearby apartments. They will be able to return in 2009 once the first phase is complete.
With a report from CTV's Naomi Parness
