Arts and cultural centre for Regent Park

December 19, 2009

Regent Park, one of Toronto’s neighborhoods, is going to get a new facility. The planned 68,000 square foot arts and cultural centre should be completed in March 2011 and will cost Ontario and the federal government $24 million. The new facility follows the building of an aquatic centre, a $17 million investment, in Regent Park and is another important part of 15 year $1 billion, revitalization project of the neighborhood.

The centre is supposed to include offices and space for cultural and arts organization’ studios, rehearsal places and also performance space for various celebrations or festivals. As Ontario culture minister Aileen Carroll said, the facility will certainly greatly contribute to the diverse cultural landscape of entire Toronto.

If nothing unexpected happens, the construction will start in early 2010. Good news for a neighborhood like Regent Park. If the project succeeds in changing the character of the Regent Park neighbourhood for the better, it’s a great opportunity for real estate investors. On the other hand, nothing the city or the province have done yet has managed to turn Regent Park around.

“Place your money, take your chances, Ladies and Gentlemen.”

Actually your chances are pretty good. For the moment, prices in Regent Park haven’t gone up. If the character of the neighbourhood changes, you are in for a windfall. If not, you will just make normal gains. A cultural center certainly won’t bring neighbourhood values down. This time pretty much, heads you win, tails you win too. Best to move quickly though.

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