If you ever lived in downtown of any large North American city, you probably know that views from your windows never change for the best. Unless of course you happen to live around recently proposed and widely discussed massive 21-achre Rail Deck Park in Toronto. What once was considered to be the least desirable view in downtown core might transform into something completely opposite. The proposed park will spread above the existing railroad corridors and will dramatically change the landscape in the area.
“As Toronto grows, we need to take bold action to create public space and make sure we build a city that makes future generations proud,” Mayor Tory said in a press release. “This is our last chance to secure a piece of land that could transform the way we experience our city.”
So what the newly proposed park is gonna look like?
If the city actually goes ahead with proposed plan it might have a dramatic impact on values of all nearby condos. How exactly current owners and future investors might benefit from this development?
From my experience condo units facing the railroad corridor tend to sell for less and take longer to find a new owner than their counterparts facing the greenery or the lake. Usually due to noise levels and overall esthetics. In my opinion the development of Rail Deck Park will definitely affect the resale value of these unit.
Complete list of buildings the value of which in my opinion will be impacted the most by proposed Rail Deck Park:
- Matrix at Cityplace (361-373 Front St W)
- Parade at Cityplace (10 Capreol Crt & 15 Iceboat Terr)
- Parade II at Cityplace (151 Dan Leckie Way & 21 Iceboat Terr)
- Toronto Community Housing (150 Dan Leckie Way)
- Library District Condos (170 Fort York Blvd) *Until the view gets obstructed by the new development to the North
- Reve Condos (560 Front St W)
- Portland Park Village (550 Front St W)
- Westside Condos by MINTO (Currently under construction)
- The Well by TRIDEL (Newly proposed development)
If the City of Toronto decides to go ahead with proposed park current owners and investors might greatly benefit from price appreciation of their condos. Similar scenario we recently witnessed at newly renovated Queens Quay West where the prices of condos facing the new street went up 10% on average.
Shoot us a quick message if you have any questions about the impact of the future development or possible investment opportunities in the area!
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