From the Rezoning reference document:
Quote:
3.0 BACKGROUND INFORMATION
3.1 The subject site is within the Marlborough neighbourhood of the Metrotown Downtown
Plan (see Sketch #2 attaclzecf). The adopted Plan identifies this neighbourhood as a high
density neighbourhood that is primarily residential in character, with a strong relationship
to the mixed-use Metro Downtown area and Bonsor Park. With respect to building form,
developments are intended to consist of high-rise residential apartments with low-rise
apartments, townhousing or row-housing podiums fronting bounding streets.
3.2 The site to the west at 4930 Bennett Street, which accommodates an existing strata-titled
apartment building, will be a separate re-development in the future. The development
companies for this and the subject site have explored the potential for a consolidated site,
but have concluded to advance separate applications. The site at 4930 Bennett, while
smaller, is feasible to re-develop in line with the adopted Metrotown Downtown Plan
under its RM5s Multiple Family Residential District designation. A design and pro-forma
analysis was undertaken for the site at 4930 Bennett, which demonstrates that the
development potential under the adopted Plan can generally be achieved. Based on the
smaller site area, under the Bylaw, a permitted density of 4.7 FAR would generate an
approximately 15-storey apartment building ( depending on the final floorplate size), with
underground parking.
Separate developments at this location will add interest and variety to the building forms
and heights. In addition, as this is an important intersection, a highly faceted building at
the corner is expected as an anchor, using form, massing, materiality and color, to
achieve this important urban design objective. One of the conditions of the subject site's
development is to provide access to the site at 4930 Bennett Street via a reciprocal access
driveway from Bennett Street (protected by easement). The applicant of the subject
rezoning application has acknowledged this condition.
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That being said, having walked by the area, the lot is tiny and can barely fit the building that exists there today.
If they do end up building a 15 story mid rise, the floor plate (based on the allowable density) would be so small that it would likely only support 4-5 units per floor, and 12 of those units would need to be below-market 1:1 replacement rental. I doubt the economics would be there to support such a project. It will likely be forever orphaned there.
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