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Look out Central Park, there’s a new park in town.
That’s right - Toronto Mayor, John Tory, officially announced the proposed “Rail Deck Park” project to be built around the railroad tracks between Blue Jays Way and Bathurst Street in the city’s downtown area.
The new project couldn’t come at a better time. Vancouver recently announced it will be introducing a new 15 percent property taxwhich is already seeing many foreign investors and potential buyers looking to cities like Toronto where a raised property tax hasn’t been adopted.
The proposed park will encompass 21 acres of lush green space that is already being compared to notable North American parks such Chicago’s Millennium Park, Vancouver’s Stanley Park and of course New York’s Central Park.
Real estate in those areas are a hot commodity - the average rental for a 1 bedroom condo near Chicago’s Millennium Park is $2,500, the equivalent near Vancouver’s Stanley Park will run you about $400,000 CAD while New York’s Central Park condos will you at least $1.5M USD.
Needless to say, REALTORS® and developers are growing excited about the potential new opportunity. But, as the old saying goes “don’t count your chickens before they hatch”. While Toronto’s Rail Deck Park was announced, it’s still far from being a for sure thing. Financing still needs to be approved, design concepts need to be drawn up and a timeline is still up in the air.
Time will tell if or when the project will get under way.
Are you a REALTOR® excited about the new opportunity of Toronto’s Rail Deck Park? Let us know by giving us your two cents!
Rachelle Brempong is the Digital Content Coordinator at RESAAS. She likes things. Most things. But not everything, that's just greedy. Check out her RESAAS profile ›