Quote:
Originally Posted by jlousa
Has Holborn paid for the land? My understanding is the BC Housing still owns the title and the price is to be determined pending the rezoning.
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True. But the understanding is the price will be in the $300M range and this density reflects that.
Question, does anyone know when calculating the density on a large site like this, are the roadways built in? 2.8 FSR seems like a low number considering the size and number of the buildings and I assume that is because the density number is based on the entire site size. Does the city not take those roads back for themselves? Or is the whole project statrafied. What would the density be if it were calculated after removing the roadway? Probably a lot higher than 2.8.
Generally speaking I like the project, but it is probably too big for the area. The distances between buildings need to be increased a bit and the bulk of the buildings should be decreased. Instead of 6 buildings 10 storeys or more, perhaps that number should be 4. There are 16 buildings on the site, 14 of which are 8 storeys or higher, that number could probably be halved (The remaining buildings would still be 6 storeys, still very dense). BC Housing obviously wants as much money for the site as possible (they need to pay for those 14 new social housing buildings), but this project is probably a bit too big. 1200 units? 1000 units? Sure, 1800 might be overkill.
These big sites are few and far between and the city needs to take advantage of them the first time around. Once it has been developed and stratafied, it's essentially done forever. I don't understand why the City (or Province in this case) as vendor doesn't stipulate that a certain percentage MUST be rental. Not necessarily affordable rental or social housing, just straight up rental. Obviously they wouldn't get as much money for the land and the Real Estate department wouldn't be happy (though I'm sure their coffers are overflowing with CAC money), but why couldn't you make a project like this 50% rental? Anyone bidding on the land would have to do the due diligence and make an educated bid. Flooding the market with 600 units or so would hopefully provide at least a temporary dip in rental rates. Everything built doesn't have to be built out as luxury condos, but if a developer isn't forced to build something else it doesn't make sense to build anything but.