A 1984 strata building in need of costly repairs could be replaced by a new residential development in downtown New Westminster.
Kinnaird Place, a 61-unit strata building at 65 First St., is currently proceeding with a “wind-up” process and is seeking to sell the property for development. The site is next to Albert Crescent Park and is surrounded by a variety of housing forms, including highrises.
Planner Mike Watson said Anthem Properties has an option to purchase the property and would like to build a 24-storey apartment building with a two- to six-storey podium at the base of the tower that contains 60 units. The city’s density bonus regulations support the consideration of a residential highrise with a height of up to 24 storeys and a density of up to 4.0 floor space ratio (FSR).
As part of a two-stage preliminary application review, staff recently presented the city’s land use and planning committee with information about the wind-up and development considerations, including the additional 1.05 FSR density proposed in the podium.
Nick Kasidoulis, a director of development with Anthem Properties, said the strata has been trying to find a buyer for a couple of years because it will be facing some “significant” maintenance costs over the next two to three years. He said a building condition report states $2 million worth of repairs is required in the building.
“We have been working with the strata to find a solution,” he told the committee. “The solution we have come up with for them to be able to come out whole at the end of this or be able to find some kind of housing security after they sell their units, we have proposed an additional density of 1.05 FSR on the site to be able to give them the value that they want out of their site.”
Kasidoulis said the project is proposing a tower at the north end of the site on Agnes Street, with the building wrapping around the west side of the site with townhomes. The increased density being proposed would be in 60 units on the south and east sides of the property, with one option proposing they be 60 market rental units and another suggesting 40 condo units and 20 affordable housing units.
Because 20 to 25 of the units in the strata building are currently rented out to tenants, the developer plans to work with the city to provide those residents with resources to relocate to new homes, including compensation and moving costs.
A representative of the Kinnaird Place strata council told the committee that around 86 per cent of the building’s owners support the sale of the building.
“I have had owners in this building already approach me,” said Mayor Jonathan Cote. “I think the building is going through some challenges and some particular maintenance things, and has been a stressful process for the people in the building because it’s been in limbo for a couple of years.”
Coun. Mary Trentadue said she’s not averse to the density being requested but wondered about the possibility of townhomes being part of the housing in the podium.
“I would like to know how many townhomes would be rental, because we haven’t seen that as yet come forward in a proposal,” she said. “I think that would be a really important amenity, to not only have one- and two-bedroom suites available for rent, but also townhomes. I think we are missing that.”
Cote said the density being proposed is consistent with the downtown community plan.
Trentadue and Cote supported a staff recommendation that the land use and planning committee support further consideration of the proposed additional density, within the height limit of 24 storeys.
Coun. Chuck Puchmayr, one of three council members on the committee, said he couldn’t support the recommendation without more information from staff about the wind-up process and the plan for tenants. He said he doesn’t have a high degree of comfort about displacing tenants, having seen what happened to his in-laws when they were in a similar situation and 80 per cent of owners in their strata building wanted to sell.
“They signed an agreement to sell,” he said. “Within a couple of months, the real-estate market spiked so high – it actually went up 40 per cent. Before they even got their money, the entire market passed them by.”
The Record will be publishing an ongoing series of stories about projects being considered by the city’s land use and planning committee, which considers pre-applications from developers for projects in the city and provides feedback to city staff and the applicants that can be used to develop a formal application that could be considered by city council. Because the applications coming before the LUPC are preliminary, a lot of changes can arise before they make it to council for its consideration – if they make it that far.
