Towers are going up in Lower Capilano. In their last action before standing for reelection, District of North Vancouver council voted 5-2 to bring Larco’s 451-unit development to the former CapWest Athletic Club site, located west of Capilano Road between Fullerton Avenue and Curling Road.
The phased development includes 18-and 12-storey towers, a new community centre, four low-rise buildings and 20 townhouse units to be built by a numbered company owned by Larco.
Bringing the project to an area described as a “blight” and a “garbage dump” constitutes a longawaited turning point for the neighbourhood, according to Coun. Alan Nixon.
“The community of Lower Cap will see the light at the end of a long tunnel,” he said, describing his relief at approving the project with two weeks left in his 12-year tenure on council.
The revised agreement will penalize Larco if the company fails to build the community centre within eight years. The community centre’s shell must be built by Nov. 17, 2022. If Larco misses that deadline the district can buy back the land for $1. Larco is also on the hook for an $8.5 million letter of credit that has to be in the bank before anyone moves into the phased development and a $2.5 million community amenity contribution.
Read more: http://www.nsnews.com/news/towers-approved-for-lower-capilano-1.1528579
