A proposed residential project could add more than $9 million to city coffers if a rezoning application in the Metrotown area goes through.
Intergulf Investment Corp. applied for a multi-family residential rezoning project, including a highrise residential tower with a two-storey townhouse component in July.
The rezoning is for the 6616, 6642, 6668 Nelson Ave. and 6635 Dunblane Ave.
Currently on the sites are older apartment buildings built in the 1950s and ‘60s. At 6616 Nelson Ave., sits an 18-unit two-and-a-half storey apartment building from 1954; the 6642 and 6668 Nelson Ave. properties are each occupied by single-family dwellings; and 6635 Dunblane Ave. has a three-storey, 38-unit apartment building built in 1969.
Across the street is a 35-storey apartment tower with townhouses fronting Nelson and Dunblane Avenue.
According to the city planning and building department, the height of the proposed tower has yet to be determined, but the developer wants to get it in for a December public hearing.
The city determined the $9 million amenity bonus through $114 per square foot buildable of the more than 80,000 sq. ft. density bonus. The final amount will be known when the final plans have been prepared, according to a city report.
“A number of options for the resultant community benefit have been reviewed by staff,” says Lou Pelletier, director of planning and building, in his report. “Given the site’s geometry and size, and purely residential context, an on-site amenity would not be generally suitable. As such, it is proposed that the amenity bonus funds be taken as a cash-in-lieu contribution.”
Pelletier notes through other density bonus processes in Metrotown, the city has already upgraded Central and Inman Green Parks, Bonsor Park and the Bonsor Recreation Complex, and a new seniors’ centre.
Eighty per cent of the funds ($7.35 million) will go towards the Metrotown Centre financial account and 20 per cent ($1.85 million) will go towards the city-wide affordable or special needs housing account, if the development is approved.
