Transit-oriented development hinges on three things, according to comments Vancouver planning director Brent Toderian made at the recent development issues symposium commercial development association NAIOP hosted: appropriate density, a mix of uses and superior design.
But he also pointed out the importance of a fourth element – engagement in the civic processes that decide the direction of planning initiatives such as the one shaping the Cambie Corridor.
Toderian, and panel moderator John Conicella, told NAIOP members that participation in the May 5 council meeting that will address the draft Cambie Corridor plan is important. The rejection of the Edgewater casino proposal is an example of how public feedback can guide council decisions, Toderian said, and he encouraged NAIOP members to make their voices heard.
But what are the plans for Cambie?
Toderian outlined a vision to NAIOP of “pattern density,” in which transit stations serve to anchor neighbourhoods rather than hubs where development spikes. Cambie is a weak spot, however. Toderian said the new plan aims to change this by encouraging mixed-use development.
But the planning program has attracted its share of criticism.
UBC Sauder School of Business professor emeritus Michael Goldberg told Urban Development Institute members last June that the planning should have occurred before the Canada Line’s construction. His comments also heralded more recent critiques of the community amenity contributions (CACs) the city plans to levy when rezonings for new, higher-density developments occur.
“Trying to squeeze the maximum amount of money out of each rezoning, each building permit or each approval is self-defeating because it makes us unaffordable and uncompetitive,” Goldberg said.
HQ Real Estate Services Inc. principal David Goodman took the city to task earlier this year in a review of the apartment market. He slammed the confusing and aggressive information the market was receiving about the calculation of CACs.
The report suggested that one property could be hit with a $75-per-square-foot charge in rezoning on the lift in value – and this before development charges were tallied. A conversation with one broker active in the corridor last week indicated a property he’s working with faces a potential charge of $35 per buildable square foot, and the sale price is being renegotiated to reflect the charge.
While the NAIOP panel, which included Toderian, TransLink’s Phil Christie, Richmond’s Brian Jackson and Burnaby’s Robert Renger, cherishes ambitious hopes for transit-oriented development, many Vancouver stakeholders believe a city’s efforts to claim the lion’s share of the resulting property value will inhibit development.
NAIOP, for its part, endorses plans to intensify Cambie Corridor land uses to ensure the public realizes maximum value from transit invesments.
Indeed, implementation of any transit-based development plan is key.
Discussing plans for Richmond’s seven planned transit-oriented neighbourhoods – from the “Aerotropolis District” around Bridgeport Station to the “Civic Heart” at Brighouse – Jackson said they will remain plans until something gets built.
A recent DTZ Barnicke report highlights some curious trends in green real estate.
Green buildings make good headlines, but a DTZ survey of “landlords, brokers, developers, bankers, economic development officers and engineers” across Canada pinpoints simpler measures the market is taking to green itself.
Turning off lights and equipment when not in use, recycling and reducing greenhouse gas emissions were the top three priorities respondents named for 2011.
One has to wonder if the priorities reflect cost-consciousness among respondents.
Of the 109 survey participants, 27% were unwilling to pay a premium for green real estate. Premiums of no more than 5% were favoured by 55% of respondents.
A similar survey conducted in 2007 by Colliers International found 63% of tenants willing to pay a premium for environment-friendly workplaces. A premium of less than 4% was favoured by 17% of respondents, while just 9% objected to paying any premium at all.
Comparing the two sets of results, it appears the market has a better understanding of the cost of a green workspace, and users understand that practices within the building – not just the building itself – also play an important role in contributing to a green workplace.
Despite an ambitious building program, Coast Hotels and Resorts is eschewing the conversion of its landmark West End property.
A bid by 0792203 B.C. Ltd. to rezone the 269-room property went before Vancouver councillors just before the Easter weekend. The hotel general manager publicly reiterated the chain’s long-standing position that the property would operate as a hotel through 2017 regardless of what the rezoning – which seeks residential and commercial uses for the site – permits.
A statement from Coast the night of the presentation noted that the chain has spent $9 million on upgrades to the property as part of a lease agreement signed in October 2010.