A multi-family development in Metrotown could bring in a $7.5 million cash-in-lieu contribution for the city, according to a report from the city's director of planning and building, Basil Luksun.
Council approved plans at the April 2 council meeting to accept the payment in lieu of community benefits for the project on Patterson Avenue near Kingsway. The development includes an apartment tower and townhouses.
The city is accepting a community amenity bonus of $93 per square foot of buildable space instead of a community on-site amenity.
Thus far, development projects in the Metrotown Town Centre have contributed more than $28 million towards community amenities in the city through the city's density bonus program, according to the report. Developers are able to exchange community space or cash-in-lieu of space for extra density.
