The company building Port Moody’s largest-ever development project wants to make it even bigger.
Dean Johnson, the vice-president of development for Vancouver-based Wesgroup Properties, told council’s city initiatives and planning committee Tuesday, May 20, that it will need to add a seventh residential tower to the six already approved as part of its expansive 14.8-acre Inlet District project in the former Coronation Park neighbourhood.
Johnson said the additional density is required to offset recent changes to rules about development cost charges (DCCs) levied by Metro Vancouver that help pay for regional infrastructure like water, sewers and drainage.
He said those changes will cost the company an additional $30 million for its Inlet District development that currently comprises more than 2,500 new homes in six residential towers up to 31 storeys along with three low-rise buildings, a four-storey office building, as well as a grocery store and daycare facility, all built around a 2.5-acre central park.
“This cost is something we have to deal with in this project,” Johnson said, adding it was unforeseen last July, when Wesgroup achieved final approval from council for the zoning amendments required for the development’s first phase to proceed.
Johnson said if the company can’t build an additional tower, it may have to cut back on some of the project’s amenities to help offset its increased costs. Those include:
- $6 million towards construction of a new pedestrian overpass across Ioco Road to the Inlet Centre SkyTrain station
- a 186 sq. m. civic facility for community use
- $4.8 million of public art
- more than $8 million in community amenity contributions
Johnson said the seventh tower would be part of a future phase of the project’s construction, which is already underway and is expected to take about 25 years to complete.
Johnson’s preliminary pitch rankled at least one Port Moody councillor.
Haven Lurbiecki said it’s “irresponsible” and accused the developer of “moving the goalposts now.”
At one point during the project’s protracted journey through council’s approval process that commenced when Wesgroup finished acquiring the last of 59 mid-century single-family homes that formerly occupied the site in 2019, the company had hurled a similar charge.
In 2022, Wesgroup’s senior development manager, Evan French, expressed frustration at Port Moody’s implementation of a new inclusionary zoning policy that requires at least 15 per cent of units in dense new developments be affordable rentals shortly after it had received approvals for changes to the city’s official community plan so the project could proceed and just as it was preparing to apply for necessary zoning amendments.
And while those zoning amendments were ultimately passed by council in Dec., 2023, without a requirement for affordable housing units, Wesgroup did provide a letter of intent that it would continue working to secure such a component.
Tuesday, Johnson said those efforts have borne some fruit.
He said a program through the Canada Mortgage and Housing Corporation that provides low-cost financing for the construction of affordable apartments could mean all 288 units in the project’s second tower could become rental apartments, with 20 per cent of them available at below-market rates.
Johnson said Wesgroup had previously tapped into the program for projects it built in other communities like Burnaby and New Westminster.
“We are very familiar with this framework and we’re really excited about bringing this to Port Moody.”
But, Johnson added, time is running short and an endorsement letter from the city would speed the process, a request councillors readily granted.