The proponent of a massive redevelopment of Port Moody's Coronation Park neighbourhood says the project will create "a great new community" for the city.
Brad Jones, the senior vice-president of development for Vancouver-based Wesgroup Properties, said the third reading by Port Moody council Tuesday, Oct. 3, of zoning bylaw amendments that will allow the project to proceed "is just the beginning" as the company works to transform the 14.8-acre site at the corner of Ioco Road and Barnet Highway.
Currently comprised of 59 aging single-family homes, the neighbourhood will become home to about 5,500 new residents living in six high-rise condo towers up to 31 storeys and 101 market rental apartments in a six-storey building.
As well, the project includes a four-storey office complex that could be expanded another two storeys if there's enough demand, commercial space along Ioco Road for a grocery store and drug store, two daycares, a 2,000 sq. ft. community amenity space and a 2.5-acre park.
The company is also contributing $6 million to the construction of a pedestrian overpass connecting the neighbourhood to the Inlet Centre SkyTrain station just across Ioco Road.
Council's approval came after a public hearing that lasted nearly three hours and a bit of drama.
The latter transpired when Coun. Haven Lurbeicki demanded a deferral of any decision until her fellow councillors addressed an accusation made during the public hearing that four members had attended a "private meeting" with the developer last November. When her motion was defeated, she left the proceedings.
Mayor Meghan Lahti said the meeting was nothing more than a tour of another Wesgroup project in Vancouver that was open to all councillors. She said such tours happen frequently so councillors can get a better understanding of the kind of work a company does.
"As far as I'm concerned, there's no problem with that," she said.
During the public hearing, councillors heard concerns about the impact the redevelopment of Coronation Park would have on Port Moody's already stressed services like its recreation centre, library, parks and road network. Speakers were also dismayed about the project's current lack of affordable housing units and its overall density.
The livability of the city will be put "at risk," one said.
But others praised the proposal for its amenities, like the new park that will be at its heart and could include a spray park, as well as its "focus on pedestrians" since it will have no internal road network and all the buildings will be accessed from underground parking.
Some even said the project isn't ambitious enough, given its proximity to rapid transit and the need for more housing.
"If we're going to grow as a city, we need to move faster and think bigger," said one speaker.
Lahti said while she shared the community's concern about housing affordability, she assured the project "will have affordable housing in it" after the developer provided a letter of intent affirming its pledge to continue working to secure such a component.
Earlier, Wesgroup's Jones said that couldn't happen without rezoning already in place as funding for affordable housing units from senior levels of government is often contingent on projects being "shovel-ready."
Coun. Diana Dilworth said affordable housing will be a part of every discussion between the city and the developer as the project moves forward over the next 15 years. That notion was bolstered by a notice of motion put forward successfully by Coun. Amy Lubik calling upon the city and developer to commit to further negotiations.
"I think the proposal is a good start," Coun. Samantha Agtarap said. "It will change and adapt."
Coun. Callan Morrison said by the time the new Coronation Park is completed, the neighbourhood will have pride of place right alongside Port Moody's other beloved master-planned communities to its west and north — Suter Brook and NewPort villages.
Jones said once final approvals are in place and development permits issued, construction on the project's first phase could begin in October 2025, with the first residents able to move into their new homes by late 2028 or early 2029.
When completed, Coronation Park would be Port Moody’s largest redevelopment project in its history — at least until plans to turn 23 acres of light-industrial and commercial land around the city's Moody Centre SkyTrain station into 4,100 homes, offices, shops and artists’ studios are realized.
