The new owner of the Woodland Park townhouse development in Port Moody says it’s committed to working with BC Housing to retain the site’s affordable housing component,
Edgar Development, a Vancouver-based company that specialized in rental projects, acquired the 23-acre property in the College Park neighbourhood that is comprised of 200 rental townhouses in 19 buildings, last December.
It had been marketed by investment realtor JLL as a “once in a generation opportunity to acquire one of Metro Vancouver’s largest multifamily investments, with underlying redevelopment potential.” The property’s assessed value in 2018, according to BC Assessment, was $68,234,000. That’s up almost $18 million from the previous year.
But in a letter submitted to Port Moody’s city manager, Tim Savoie, and its general manager of planning and development, André Boel, Peter Edgar, the president of Edgar Development, said his company will partner with BC Housing to “ensure that affordable rental is not only protected at the municipal level, but also at the provincial level.”
The letter was sent as part of Port Moody’s consultation process as it considered new rental-only zoning bylaws for four properties in the city, including Woodland Park. On Tuesday, council rejected such a bylaw for those sites.
Edgar said the 19 buildings that comprise the Woodland Park development “are reaching the end of their useful life,” and it wouldn’t be financially viable to maintain them.
But, he said, as the company begins to formulate its plan to redevelop the site, it will work with BC Housing to ensure existing homes are replaced at a minimum of 1:1.
“Our goal includes limiting tenant displacement by development rental displacement housing on site that tenants would move into seamlessly,” Edgar said, adding “townhomes, family-oriented homes and opportunities for affordable home ownership,” as well as more parks and green space, will also be part of the mix.
Edgar said his company will soon begin the process of consulting with Woodland Park’s current residents as well as the community at large and council.
