Thursday, January 23, 2014

Density bonus funds accumulating

The density bonus received by the City of Burnaby from Shape Properties is in the form of cash in exchange for allowing greater density in the Brentwood Mall Redevelopment.  It has yet to be decided what funds will be used for in the future.

Burnaby Now article below:

Brentwood mall coughs up another $5 million to city coffers

Council takes cash-in-lieu despite developers wanting density bonus money for "extraordinary plaza improvements"

Brentwood Town Centre's first highrise tower is putting another $5 million in the city's hands.
Within the mall's first phase of development is another rezoning application to allow for a 53-storey residential tower above a commercial podium. City council approved an estimated $5.2 million cash-in-lieu contribution from the density bonus at its Jan. 13 meeting.
"This is a contribution made by the developer, which will go back to the community and result in community facilities, such as rec centres and other services in Brentwood Town Centre," Coun. Dan Johnston said.
The latest density bonus contribution puts the Brentwood Town Centre amenity account to $14.5 million, with $9.3 million in the city wide housing/special needs sub-account, according to a staff report.
The proposed tower will add about 591 units, and 300 of those are being considered for purpose built market rental units.
Lou Pelletier, director of planning and building, expects a future report regarding the 53-storey tower in the back portion of the Brentwood mall lot to come forward in 2014, which will set a public hearing date.
Shape Properties, the company that owns Brentwood mall, first applied for the density bonus funds to go towards "extraordinary plaza improvements," but city staff had a different idea.
"With regard to the use of amenity bonus funds for privately held market rental units, this is not considered supportable in this circumstance," Pelletier states in the report.
Instead, Pelletier recommended to take the cash-in-lieu contribution first, then consider on-site plaza improvements funding during a detailed review of the process in the future.
As the Burnaby NOW previously reported, the entire Brentwood mall redevelopment plan is divided into four phases, which includes 10 residential towers - with a structure capable of accommodating one more in the future - possibly ranging in height from 20 to 70 storeys depending on the location, and two office towers ranging in height from 30 to 40 storeys.
Council approved the master conceptual plan for Brentwood mall in September, which includes more than 350 shops and services, a high street and a public plaza.
© Burnaby Now

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