Revised Proposal Pitched for Port Moody Site

Bold Properties has submitted a revised application to the City of Port Moody for a seven-lot land assembly they own on Clarke Drive between St. Johns and St. George streets, next to the site of the old Barnet Hotel.

An earlier version of the proposal was defeated at Council in December 2019 amid questions regarding the affordable housing component of the project.

Plans for the 62,000 SF site include two 6-storey buildings entitled ‘Paramount‘. Details:

• 163 condo units;
  • one studio, 78 one-bedrooms, 75 two-bedrooms & 10 three-bedrooms;
• an overall density of 2.40 FAR;
• 217 resident parking spaces and 27 visitor spaces;
• 270 bicycle parking spaces.;
• land dedication for an additional northbound travel lane & multi-use pathway on Clarke Road and St. Johns Street;
• improvements to the existing trail from the end of St. George Street to Moody Secondary School; and
• an affordable housing approach based on BC Housing’s Affordable Home Ownership Program.

The application describes the revised affordable housing proposal:” to offer potential first time home owners who are currently renting, with an option to enter the housing market. However, the City is not being asked to consider any fee waivers as initially requested and as such, it is not involved as a partner. While the details of the revised program are still being developed, Bold has confirmed that there will be a locals-first marketing program, and BC Housing indicated that they would be open to responding to individual situations on an as-needed basis if units need to be vacated before the five-year residency requirement has been satisfied.

Staff will continue to work with Bold and BC Housing to understand all of the program details, but some known issues which require clarity include:

• the extent of the price discount in terms of the actual percentage reduction and the number of units to which this would apply. This will ultimately be dependent upon project costs which may not be known until the building permit is issued;
• details on how the BC Housing mortgage proceeds will be re-invested back into the City;
• how the program will prioritize residents currently renting in Port Moody;
• confirmation of the total household income range applicable to each type of unit; and
• confirmation that BC Housing will manage the process of selecting eligible households.

In order to reduce project costs and improve the affordability of the project, the applicant has suggested that a reduction in the amount of parking required would reduce the extent of the underground parkade and, therefore, construction costs.”

The architect for the project is Gateway Architecture.