The application explains the rationale for not pursuing 12-storeys, 4.0 FSR in the TOA Rezoning Policy.
The site is located in the Tier 2 radius of the King Edward Canada Line transit station. It will allow a 12-storey building height and 4 FSR, rather than the 6-storey and 2.5 FSR guideline under the current zoning. Since there are numerous uncertainties associated with the proposed changes, this application is being submitted under the current zoning and design guidelines. However, some relaxations are being proposed.
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:
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.