In a symbol of the change occurring in Coquitlam’s City Centre neighbourhood, a long-time auto dealership is closing its doors to make way for more transit-oriented development.
Jeff Kornatowsky, general manager of Coquitlam Chrysler Dodge Jeep Ram, said the move should not be surprising given the redevelopment taking place in the area. However, he told The Tri-City News the announcement to shut down the Christmas Way dealership after 44 years was “bittersweet.”
“We are an icon of the area,” he said. “It has been a lot of fun to support the soccer teams and sports teams and parades. We will miss it.”
Still, Kornatowsky lives in the area and is supportive of the redevelopment taking place.
“Over the years, we have watched the SkyTrain come closer and closer,” he said. “Everyone knew there was a timeline on this property. It is a large property. It is premium placed. It has helped us to sell cars over the years. Now it makes a lot of sense for high-density residential.”
While the business announced this week it will be closing its doors, it will take months to wind down the dealership.
Kornatowsky said they recently received their first shipment of new vehicles in close to three months following supply disruptions he attributed to the COVID-19 pandemic and he believes the dealership will remain open into 2021.
“We have a lot of things to sell off,” Kornatowsky said. “There are lots of parts and equipment to sell off. We don’t have an exact termination date yet, but it is coming.”
The dealership leases the property, which is owned by Marcon Developments. The developer currently has a pre-application with the city of Coquitlam to build six market residential towers, three rental towers and an office tower on the site and two adjacent properties.
While it is still early in the planning process, Marcon Developments manager Chris Wilkinson told The Tri-City News last year that the project could include up to 900 rental units and 2,800 market units.
The City Centre neighbourhood is also undergoing an update of its area plan, which will guide development for the next 40 years.
The draft document, which is still working its way through the council process, envisions an urban downtown complete with entertainment district, a hotel, an elementary school and a network of new parks and public spaces.
A range of housing options have also been outlined to meet the goal of creating a "family-friendly downtown," according to a staff report.
"To meet the varying needs of households of all types and at all stages of life, a variety of housing choices, tenures and price levels will be provided across City Centre," said the report. "This will be achieved by respecting established neighbourhoods and directing new high-density residential development to the commercial downtown core."
With development potential the property, located where the Lougheed and Barnet highways meet, is one of the more valuable pieces of land in the Tri-Cities. According to BC Assessment, the the 163,350 sq. ft. parcel was worth $26.6 million as of July 1, 2019.
