Say hello to Toronto’s newest hotspot. Three years and $6 million later, the Drake Hotel finally threw open its doors last week.

The Drake is the latest addition to a part of town undergoing a rebirth of sorts-Parkdale, the seedier side of Queen West, has long been a haven to artists and the just plain arty, but as gentrification (of a benign sort-there’s no influx of Gaps and Starbucks just yet) seeps into the neighbourhood, the rest of the city is sitting up and taking notice. The city recently recognized the area as the “West Queen West Art & Design District” (quite a mouthful, so follow the lead of area denizens and just call it the Gallery District) in recognition of the over 40 art galleries in the vicinity.

Just down the block from the Drake is yet another renovated historic hotel-The Gladstone, best known for its raucous karaoke nights, though it also is appealing to the art crowd these days, hosting events like the popular lecture series Trampoline Hall. The owners of both hotels want nothing to do with the rivalry angle played up in the press, but the reality is that they’re both completely different places anyhow-if the Gladstone is the grand ol’ lady of the ‘hood, the Drake is her younger rebel daughter.

Ever since former dot-com businessman Jeff Strober bought the 115 year-old four-storey landmark at the corner of Queen W. and Beaconsfield for a cool $1 million in 2001, he’s endeavored to turn the relic into a place where art meets smart-cool enough for the hipsters, laid-back enough for the artists, open to everyone and everything. Easier said than done. But a sneak peek at the sleek new spot at last Thursday’s launch party proved that while it’s the area folk that will make or break the Drake, it’s definitely off to a flying start with its style-meets-substance space.