An OCP Amendment and Rezoning Application has been submitted by Porte Communities for a site located at 1865-1895 Charles Street, on the Western part of Port Moody.
Due to the slope of the site, the rear building is technically 8-storeys and would require an OCP Amendment. The lots will be rezoned from RS-1 single family to RM-8.
The 18,000 SF site is located at 148-154 James Road, just East of Moody Middle School. The 2019 proposal was for a 6-storey rental and condo building with 64 conventionally sized units and a density of 3.14 FAR.
The modified application would keep the 6-storey building form, but would include the following:
114 units (92 strata, 22 rental);
66 studios, 43 one-bedroom units & 5 two-bedroom units;
Average units sizes of 359 SF for studios, 472 SF for one-bedrooms;
a reduced total density of 3.0 FAR;
68 parking stalls.
In a unique model, the project would contain “a total of 22 rental units (for a period of ten years) and 92 strata units. Of these units, 11 rental units and 11 strata units would be reserved for lower income earners who earn less than $51,000 per year.
The 11 strata units would have a restriction on resale for two years. There would be no restrictions placed on the remaining 11 rental units. Although a total of 11 rental and 11 strata units would be reserved for persons earning less than $51,000 per year, it is unknown at this time whether the rental rates or purchase prices would be reduced to an amount that would be considered as below-market or affordable housing. As a reference, the BC Housing 2019 Housing Income Limits (HILs) rates would suggest a monthly rent of $1,288 for a one-bedroom or studio unit, but likely does not take into consideration the smaller micro dwelling style units, as proposed with this project.“
In addition, a pre-release of the units would be available for and marketed specifically to:
persons earning less than $51,000;
persons aged 65 years and older;
persons with mobility challenges;
families where two generations are seeking to reside in separate units in the same building; and
persons who qualify for BC Housing’s Shelter Aid For Elderly Renters (SAFER) program.
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.
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.”
