Quote:
Originally Posted by Changing City
The referral report explains that the units will be secured rental. A Housing Agreement and a Section 219 Covenant are a requirement of rezoning. "The proposal includes 100% of the residential floor area as rental housing to be secured for the longer of 60 years and the life of the building. Real Estate Services staff reviewed the application pro forma and the value of securing the 230 rental housing units and have determined no CAC is required."
In terms of the below market rental units unsually required in projects like this, "The TOA Rezoning Policy requires Tier 3 projects to allocate 20% of the net residential area as below market rental, with a 10% discount from CMHC city-wide average rents. However, staff have conducted a pro forma analysis confirming that the proposal would not generate sufficient land value lift to support the inclusion of below-market rental housing on this site. In particular, the existing zoning for this site (RM-8A) already permits greater development potential than for the majority of sites zoned R1-1 in the Tier 3 King Edward StationTOA, reducing the incremental value typically associated with a rezoning in this area."
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It seems the project turns to a Strata + Rental project, where those requirements under TOA policy!
THAT the application by Sightline Properties (West 29th Ave) Ltd., the registered
owner of the lands located at 520-590 West 29th Avenue and 4510-4550 Ash
Street [PID 031-644-601; Lot A Block 760 District Lot 526 Group 1 New
Westminster District Plan EPP118341], to rezone the lands from RM-8A
(Residential) District to CD-1 (Comprehensive Development) District to increase
the maximum floor space ratio (FSR) from 1.2 to 3.0 and the maximum building
height from 11.5 m (38 ft.) to 21.3 m (70 ft.) with additional height for mechanical
appurtenances, to permit the development of a two six-storey residential
buildings and two three-storey townhouses containing 230 rental housing units.
"to permit the development of a two six-storey residential
buildings and two three-storey townhouses containing 230 rental housing units."
which means those are strata buildings with rental 230 units, and NOT a RENTAL buildings with secured rental units under TOA policy.
Those 230 units in the rezoning booklet is for Rental House Stocks of city Vancouver under TOA!