Developer Promises Cash, Not Affordable Housing

Richmond city council is set to consider another case of a developer having a change of heart on affordable housing.

Intracorp’s Hollybridge Limited Partnership had planned to construct a standalone building with 29 low-end market rental housing units as part of a multi-tower development of 586 homes in the Oval Village.

Now it’s seeking the city’s permission to pay $4.6 million into the city’s affordable housing fund instead of building affordable living units. The figure is based on the five per cent affordable housing required in exchange for a density bonus.

Intracorp’s development site, at 6888 River Rd. and 6900 Pearson Way, is near the Richmond Olympic Oval. Floor area originally intended for affordable housing would be used for market residential units and additional street-level commercial space, according to a staff report.

City staff are recommending council approve the change, and funnel the cash into an affordable housing project planned for city-owned land at 8111 Granville Ave., and scheduled for completion in spring 2016.

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