The City of Vancouver’s plan for the Cambie corridor is “not set in stone,” mayor Gregor Robertson told Business in Vancouver November 4 during a 45-minute meeting. That contradicts what top city planner Brent Toderian told BIV earlier in the week.
“If we continue to want to challenge the plan, we’ll never get clarity,” Toderian said. (See “It’s buyer beware along Cambie corridor” – issue 1050; November 8-14).
“We spent thousands of hours and thousands of people participated in what was a very clear decision of council. Now the goal is to follow the plan for the next few generations, because we have clarity.”
NPA mayoral challenger Suzanne Anton told BIV in October that she favours raising the tower height limit on Cambie Street near Oakridge Centre above the 12-storey-limit that council approved in May.
Toderian said that vote provided “clarity” on how much density would be allowed in that area of Cambie Street.
A lack of clarity on city policy has been blamed for speculative sales. For example, 10 adjacent homes in the 5100 block of Cambie Street sold for three times their assessed value.
Toderian seems to be losing a battle to educate investors about how the city extracts community amenity contributions as well as development cost levies.
Understanding that process would prevent investors overpaying for homes, he said.
Developers who understand the process know that city real estate staff independently determine a “market price” for property before it is rezoned.
The so-called “market price” that staff determine for the property before rezoning incorporates the expectation that any future development in the Cambie corridor will have to include 20% of its density being for rental housing. That was one requirement that council approved in May.
Glen Korstrom
@Glen Korstrom
@gkorstrom