March 2022
Quote:
Luke Harrison, president of Catalyst Community Developments Society, has partnered with Burnaby on two of the city-owned sites. Once funding is obtained, his organization would enter into a lease agreement with the city and build the housing.
Mr. Harrison said they were large projects, both requiring north of $50-million in funding. They are now trying to obtain federal CMHC funds in order to begin construction on the Burnaby projects by the end of the year. If they can’t get federal funding, they would probably have to look at market lending, which would erode the affordability.
The organization has seven projects in development, and two of them obtained CHF funding. Mr. Harrison, who previously worked in banking and for private development, said that CHF funds are limited, so Catalyst doesn’t put all its eggs in one basket.
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https://www.theglobeandmail.com/real-est...ger-to-build-but-stymied-by-funding-gap/
Seems like they had two city owned properties but then bought out that land from Bima.
Quote:
Rezoning Reference #19-54 included only the two properties located at 6857 and 6875
Royal Oak Avenue. However, the Public Hearing report noted the desirability and
possibility of including the property to the north at 6837 Royal Oak Avenue for inclusion
as part of the development site. As such, the property at 6837 Royal Oak Avenue has
been included in this rezoning application. The details confirming the acquisition of this
property and inclusion in the development site will be included in a future report to
Council.
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https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=48694
This is their recent project in Coquitlam so you assume it'll look similar to this.
https://www.tricitynews.com/local-news/r...or-vancity-site-in-maillardville-5556753
They owned 6857 since at least 2011. 6837 was privately owned at the time.
https://search.heritageburnaby.ca/viewer...6857%20Royal%20Oak%20Avenue&phrase=false
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