Rezoning and special development permit applications have been submitted by Merchant House Capital to the City of New Westminster for a site at 65 1st Street on the Eastern edge of the Downtown area of New Westminster, near the Pattullo Bridge.
The 49,729 SF site is improved with an 1980’s era lowrise strata building with 61 units that was converted to rentals, called Kinnaird Place.
The site is currently zoned RM-2 which allows a density of 1.80 FSR, but under the new TOA legislation, the site can be built up to 3.0 FSR.
The proposal for the site is for two towers, 35-storeys and 30-storeys in height, and includes:
- 633 residential units;
- a 329 unit rental tower;
- a 304 unit condo tower;
- a total density of 10.58 FSR;
- building heights of 400 ft. and 344 ft.;
- 401 underground parking stalls.
The architect for the project is Arcadis.
The site was acquired by Merchant House in 2021 for $22,750,000, or $45 per buildable SF based on the proposed density in the application. The site was listed an sold by Macdonald Commercial in 2021.
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