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With the Broadway extension being constructed and speculation running rampant Vancouver council determined they should take precautions to deter land speculation based on future density increases. Their reasoning was they felt that tax payers should be entitled to share some of the land gains realized from allowing higher density development.
An interim zoning policy was passed limiting any development south of 4th Ave and north of 16th between Main St and Alma St to rental only applications. This allows the city to develop a new official community plan that would not be unfeasible because speculators over payed for land after the city increased their cut of the profits.
“This was a bold move to put development on hold, but will benefit both builders and the community in the long run” says Brandon Harding. Too many times we see under-utilized development from smaller investment groups that build before the land use designations are in place with developments that don’t fit the new community.
The City of Vancouver planning department has finished initial public consultation and is developing a draft official community plan update to present to council and the public.
Check back here for future updates.