It'll cost $1.1 billion to transform Port Moody's old Woodland Park neighbourhood into a master-planned community with more than 2,000 new homes.
Work by Vancouver-based Edgar Development on the project's first of five phases is already underway as a portion of the 24-acre property is prepared for construction of 328 affordable housing units, scheduled to begin this summer.
The units, which will first be made available to the neighbourhood's current residents who have been displaced from their aging rental townhomes by the construction, are funded by a $140-million commitment from BC Housing.
The arrangement ultimately tipped the scale for Port Moody council's approval of the project despite concerns about its distance from mass transit.
Coun. Diana Dilworth said at a December 2021 meeting, when council gave its assent that if Port Moody turned its back on the largest investment in affordable housing in the Tri-Cities in decades, there would be dozens of other communities in the province lined up to take BC Housing's money.
Subsequent phases will be built out over the next 15 years.
When complete, the new Portwood neighbourhood — as it's been christened by the developer — will comprise 20 buildings ranging from six to 19 storeys that also include 138 market rental apartments and more than 1,500 strata units.
As well, the first phase will include a 12,000 sq-ft. daycare facility with more than 120 spaces and 19,000 sq. ft. of commercial space to accommodate a grocery store and café, along with a new 1.5-kilometre multi-use nature path.
"This is a truly complete community with a diverse range of housing," said the president of Edgar Developments, Peter Edgar, in a news release.
"We're extremely excited about the plans for this this site."
The project's architect, Mark Ostry of Acton Ostry Architects, said his company has worked hard to create a walkable community that prioritizes its natural environs of urban forest and creeks with "green space between the buildings, providing common, open areas that will feel like you are living in a park."
The three creeks that run through the area will be restored and protected and access in and out of the neighbourhood will be improved with the realignment of Highview Pace to connect with a new signalized intersection at Barnet Highway and Clarke Street.
A property along Highview is also being gifted to the city for possible future construction of a new fire hall.
Pre-sales for Portwood's first 219 strata apartments and townhomes have already begun.
For more information, go to the project's website.
