More highrises could be popping up in Metrotown and Brentwood soon.
On Monday, Burnaby city council approved a cash-in-lieu contribution derived from the density bonus of a proposed mixed-use development in Metrotown with two towers. The development – a four-storey commercial podium with 27- and 42-sotrey towers – would be located between McKay and Cassie avenues near Beresford Street.
The report on the project notes the community amenity bonus, which allows developers to build with higher density in exchange for funding services for the area, could yield about $16.5 million for the city’s social needs.
Additionally, council supported a similar recommendation seeking approval for a cash-in-lieu contribution valued at $4.56 million tied to the proposed second Brentwood tower.
As outlined in council’s adopted policy, 80 per cent of cash-in-lieu contributions are applied to services for the town centre in which a development is proposed, while the remaining 20 per cent goes toward a city-wide affordable or special needs housing fund.
According to the city, the density bonus fund has already paid for upgrades to the Bonsor Recreational Complex and Central, Bonsor and Inman parks, as well as improvements to the B.C. Parkway, development of the Bonsor Skateboard Park and more than 22,000 square feet of new, non-profit office space currently under construction.
Public hearings are expected to be held for both projects.
