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Originally Posted by jollyburger
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It appears that the site is in the MCDB area of the Broadway Plan, with 4.0 FSR maximum (which the previous owners obtained with a design for a mass timber building over a concrete podium with market rental units). No further rezonings are contemplated in the Broadway Plan in that area. Under the TOD by-law I think they could submit a new rezoning to get to 5.5 FSR, but I'm not sure what policy would get them to 7.0.
As they only paid $13m for the site, have an approved 100% market rental project for 112 apartments that they can develop as soon as they want, maybe they're happy to stick to the easy, faster route.