Wallace-Emerson was once the forgotten neighbourhood of our ever-growing city. The neighbourhood was established back in the 1970’s as a mixed-use community when industrial buildings were being developed and thus the need for residential housing was established. In 1972, the Galleria Shopping Centre was built and recognized back then as one of Toronto’s first enclosed malls. Since then, the area turned into a little neighbourhood that was named Wallace-Emerson out of convenience due to its central intersection.
Now, the neighbourhood is getting a major makeover thanks to Elad Canada and Freed Developments. The project proposal has been named Reimagine Galleria which accurately describes the redevelopment of this area. The project will sit between Dufferin Street and Dupont Street and will stretch out to Emerson Avenue and Lappin Avenue. This new development will ultimately replace the dying-out Galleria Shopping Centre. The land in which the Galleria Shopping Centre sits was purchased by Elad Canada and Freed Developments back in 2015. This project will consist of a master-planned community that will include a healthy mix of residential, office, retail and rental space. The developers initially created a rendering of the area and asked for feedback from the public before redesigning it to meet the needs of consumers.
The location of the neighbourhood is situated perfectly by transit stations and the downtown core. Dufferin Station (Bloor-Dundas Line) is within close proximity as well as 10 bus lines running in and out of the area. Commuters taking transit can get to the downtown core in a mere 20 minutes and cyclists can ride their bikes to the core within 25 minutes.
Galleria On The Park Master-Planned Community will start construction soon and has an expected occupancy date of 2021. The emphasis of community is a valuable part of the Reimagine Galleria project. Wallace Emerson Park will be expanded from 6.58 acres to 7.81 acres and will flourish with enhanced green space, beautifully landscaped gardens and large sidewalks to incorporate cyclists and pedestrians throughout the park. The Wallace-Emerson Community Centre will also be redeveloped by demolishing the current community centre and rebuilding it to be double the size with a whopping 75,000 square-feet. The new community centre will include a child care centre and artificial outdoor skating rink. The City of Toronto believes this redevelopment will increase community engagement and will cultivate identity by connecting individuals from all over the city. The new community centre will focus on building experiences and memories.
The Galleria On The Park Master-Planned Community will improve the flow of traffic in and out of the complex by including new streets where TTC buses can stop. Not only did the community provide feedback about this project, TTC also looked over the first proposal and approved a bus bay on the new diagonal street between Dufferin and Dupont. These new streets inside the complex will make transit quicker and more efficient.
Pedestrian and cycling access will be dramatically improved as well to connect pedestrians and cyclists throughout the entire community. New sidewalks will run within the community and will accommodate a pedestrian clearway so people of all ages and abilities will easily be able to walk through the community. Additionally, cyclists will have an advantage with multiple bike paths being built that will connect to the main roads. The final proposal will also include cycling facilities on-site to support cyclists and provide them with amenities such as showers and lockers. Additionally, short-term and long-term bicycle parking will also be located throughout the entire community.
The Galleria On The Park Condos will have five high-rise, luxurious condominiums, that will house a total of 2,891 residential units and will include 150 affordable rental units. Each unit will range between one-bedroom to three-bedrooms. Read more about the details of each tower on the Galleria On The Park Master-Planned Community page.
Investors and home-owners will be happy to hear that this complex will include 20,000 square-feet of office space. The offices will have a modern layout and design to enhance creativity in the workplace. Additionally, 300,000 square-feet will be dedicated to retail space throughout the complex. This community will not only be vibrant, it will have a tremendous amount of employment opportunities. Now residents can live-work-eat-play all in one location.
Why should you invest in this real-estate? Other than the employment increase, the close proximity to downtown Toronto and all of the amenities, the market trends in this area show a steady growth in rental rates. Average rental rates for the Wallace-Emerson neighbourhood in 2019 show that one-bedroom units will cost $2000/month, two-bedroom units will cost $3000/month and three-bedroom units will cost $3500/month. The average rental appreciation rate has been steadily increasing by 3.4% in the last ten years. Looking to sell your condominium in the next few years? The average resale rate in this area is $1,031,598. We can only expect this number to continue to increase in the coming years. Additionally, 7.2% has been the average resale rate in the past ten years.
Investors should take advantage of this master-planned community because it will transform the way people live, work and grow as a community. All of the amenities a resident or tenant could want or need will be in one place. This once dead area will be booming with vibrancy and life. Toronto is transforming and we are certain that this master-planned community will be a significant part of that change. The future is looking bright for investors.
Learn more about the Galleria On The Park Master-Planned Community and Galleria On The Park Condos. Want to be the first to receive platinum access to the best floor plans, pricing, promotions and all other information as they become available? Register below to join the GTA-Homes Platinum Access Club.