SkyTrain doesn’t arrive in the Tri-Cities until next year, but the Evergreen extension has already delivered controversy and higher development charges for real estate developers.
A symbol of one of the fastest-growing regions in the province is Cressey Development’s 48-storey MThree, a mixed-use Coquitlam tower that is one of the tallest suburban buildings in Metro Vancouver. Cressey sold out all 313 condos and leased up 8,000 square feet of retail space within eight months, according to Jason Turcotte, the company’s vice-president of development.
MThree was the third and final of three mixed-use towers Cressey has completed in the Coquitlam Town Centre, a key stop on the Evergreen Line. Other developers are also piling into Coquitlam. Onni Group opened its 37-storey Oasis condo tower in the town centre and is now marketing its Westwood tower, while other highrise developers in Coquitlam include Bosa Properties and Intergulf Development Group.
It is all part of a construction bonanza for the municipality that has seen total building permits soar 44% to $91 million in the first quarter of this year compared with the first three months of 2015.
Coquitlam has upped its residential development cost charges to help pay for civic amenities. Under changes now in effect for new building permits, the city charges $3 per square foot on new condominiums, based on the the additional square footage allowed through higher-density zoning. Single-family house developers pay a fee of $5,500 for all lot sizes greater than 4,036 square feet (375 square metres), while smaller parcels are subject to a fee of $4,800. Unlike the community amenity contributions used in Vancouver, the Coquitlam charges are universal, not applied on a project-by-project basis. However, as in Vancouver, they are meant to capture some of the land lift value after a rezoning is processed.
A Coquitlam staff report stated the program would generate an estimated $3.4 million annually.
Meanwhile in Port Moody, SkyTrain’s imminent arrival has sparked a split between citizens of the waterfront community and its official planning guidelines.
A proposed six-storey mixed-use building was rejected by Port Moody council this month, even though it adhered to policies set out in the city’s official community plan (OCP.)
All but two council members voted against the rezoning application after a public hearing at which about 20 people expressed opposition to the project.
Aragon Properties’ proposal required a zoning change to allow an additional storey, but it meets the six-storey maximum allowed in the OCP, which aims to create pockets of higher-density developments close to transit.
“I don’t know what we’re supposed to do when somebody comes in with an application that meets everything we’ve described in the OCP, and council turns it down,” said Port Moody Mayor Mike Clay.
Aragon’s David Roppel said his team would be studying comments from the community, council and city staff.
“We thought we had a successful project that met the criteria of the OCP so we’re disappointed council didn’t see it that way,” Roppel said.
