Posted Sep 20, 2024, 12:19 AM
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Join Date: Dec 2015
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Quote:
Vancouver To Reduce Social Housing Requirement In West End, Allow Cash In Lieu
Now, the City of Vancouver is considering amending the social housing requirements in those two areas of the Burrard Corridor — referred to as Area E and Area D, respectively, in the West End Rezoning Policy — in order to help stalled projects proceed.
According to a council report, in Areas 3, 4, and 5, four projects have been issued development permits and three of those four have been completed, delivering a total of 178 social housing units.
However, in Areas 1 and 2, where the social housing requirement is 25%, three projects have received rezoning approval, but none have commenced construction. City staff are proposing the social housing requirement in these two areas be reduced from 25% to 20%.
"The applicants are indicating that these projects, which are currently required to deliver a total of approximately 280 social housing units, are not viable in the current financial and construction environment," said City staff. "This proposed change is to address financial viability concerns of current projects in these areas which are not moving ahead due to current economic and market conditions."
City staff say the proposed amendment would apply to the aforementioned three projects that have not been able to commence construction, but that it will require an application by the developer and consideration by Council at a new public hearing. The council report does not identify the projects, but one of those three project appears to by the 32-storey rental tower planned by Wall Financial for 1065 Pacific Street, near Thurlow Street, which was listed for sale in June, as first reported by STOREYS.
Furthermore, staff are also proposing an amendment that would allow developers to pay cash in lieu of delivering social housing on site. The City has yet to outline how the amounts would be determined, but did outline the factors it will consider, adding that the goal is to create a transparent process that minimizes negotiations — a criticism of the traditional community amenity contributions (CACs) process.
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https://storeys.com/vancouver-west-e...ousing-policy/
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