Highrise project to boost Coquitlam multifamily stock by 20 per cent....
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Coquitlam City Council has approved its largest residential development ever. Once this is completed, the city's multi-family housing inventory will increase by 20%. The master plan calls for a total of 18 towers at its two locations in the city center, with expansion to accommodate up to 15,000 residents. At the 26th hearing, which was attended by two speakers, the Coquitlam Council unanimously gave the go-ahead for his second and his third rezoning of Tri-City Central. With five skyscrapers to be built in Phase 1 and four more in Phase 2, with an estimated completion time of 10 to 15 years, the development will handle many residential projects in the border triangle. Marcon's Nic Paolella, Principal, said.
The 4,000-plus units at TriCity Central are more than double an average year`s approval volume, city staff told Western Investor. Leslie Cauchenne, CEO of the Tri-Cities Chamber of Commerce, endorsed the motion at a hearing on Monday, saying, "This is very exciting. Close to train stations, parks, and shopping, it opens up space for businesses and residents. Given the labor shortage, Terry Towner said that if Marcon has workers to build the project, Paorella replied, "It will undoubtedly be a very difficult endeavor to pull off." But the company had been planning to build it for years, he said.
In addition to the mixed-use development, Marcon also plans to build a pedestrian/bicycle bridge at Lougheed to connect to the Coquitlam Central transportation hub. On the site of the former Coronation Park Elementary School on the western edge of town, Polygon plans to build nine residential towers. In light of public feedback, Polygon reported that it had purchased the remaining two parcels of Palmer Avenue and added them to the project. This allowed the construction of a ninth skyscraper, bringing the total number of proposed housing units to 2,834.
Current plans call for 194 more units to rent than last year, doubling the number of units below market value to 27% of the total. Polygon also plans to increase its childcare space by 4,500 square meters. According to Polygon officials, the tower height for the six-phase project will be 29 stories to 47 stories.
Source: Western Investor
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