“We think this is a game-changer for unions, non-profits and faith groups, that hold land or are interested in purchasing land.
Cities try to recapture some of that value increase for the public benefit — whether through cash or in-kind contributions, such as below-market housing or new child care or parks — and the uplift also allows developers to continue to turn a profit while providing those additional public benefits.
The proposed development would include two towers, of 20 and 15 storeys, with office space for the union, a 49-unit child care centre and 292 rental homes, at least half of which would be secured at below-market affordable rents.
Last year, two union locals of the B.C.
Vancouver has a pilot project in place that incentivizes the private sector to build non-market housing: in exchange for granting more density, 20 per cent of the units must be secured at below-market rents.
But the math is different for a non-profit developer, as this Burnaby project’s 50-50 split of below-market and market housing illustrates, said Thom Armstrong, CEO of the Co-Operative Housing Federation of B.C.
Armstrong said he isn’t aware of any Canadian labour group to have acted as the developer on a project of this magnitude.
We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments.
This website uses cookies to personalize your content , and allows us to analyze our traffic.