Green Lights for North Shore Developments in Lynn Valley by Bosa
Jeremy Shepherd
Other
North Vancouver is poised for more radical change as two major new developments were approved by council in June: Bosa’s Lynn Valley project and the Lower Capilano towers proposed by Pacific Gates Investments.
After years of will they or won’t they intrigue, council’s unanimous vote to redevelop Lynn Valley mall and approve the 377 condominium units and 22 townhouses that comprise Bosa’s project was met with a round of applause.
The old Zellers will be traded for two new 12-storey, 150-foot towers.
The two towers will flank four smaller buildings between five and eight storeys perched on a one-storey commercial podium. That podium – most of which will be used for a grocery store – totals 50,000 square feet of commercial space.
The development will lead to a “new, invigorated Lynn Valley,” according to Coun. Robin Hicks, who emphasized the district’s need of more affordable housing.
“If we don’t provide more average-priced housing – and I won’t say this is cheaper housing – we will become an enclave of the more affluent like most of West Vancouver.”
One-bedroom units would likely start at around $350,000.
Coun. Lisa Muri praised the project as a compromise that will benefit the community but she also questioned its affordability.
“We talk about affordability. I don’t think that will ever happen,” she said. “Many people will be able to live here and many more will not be able to live here, and that is just life.”
The project includes six units of affordable rental housing to be operated by a non-profit society. Each unit is slated to be sold at approximately $150,000 below market value.
Bosa is obliged to provide $4.5 million in district amenities, including $1.6 million in transportation improvements, $500,000 for public art and other money for trail improvements.
Despite conflict over traffic congestion, council also voted to replace the Grouse Inn hotel with 23- and 19-storey towers housing 262 residential units.
Bordered by Curling Road to the north, the Pacific Gate Investments development includes three-storey townhouse units, a restaurant and a four-storey 31,000-square-foot commercial building.
The project also includes three storeys of office space which could be converted to 18 additional residential units.
The project is a stone’s throw from Lions Gate Bridge, which is “heavily used, will not be expanded, and it’s just getting worse,” according to Coun. Doug MacKay-Dunn.
“We’re not dealing properly as a collective community regarding roads, bridges, transit, traffic congestion, construction impact … and on the quality of our life.”
The applicant, Pacific Gate Investments, is on the hook for $4.56 million in community amenities.
© 2014 Real Estate Weekly