Stalled Vancouver condo project shifts $67-million CACs to social housing | Daily Hive

Stalled downtown Vancouver condo project shifts $67-million cash CACs payment to social housing

Concept of 1444 Alberni St. and 740 Nicola St., Vancouver. (Robert AM Stern Architects/Musson Cattell Mackey Partnership /Landa Global Properties/Asia Standard Americas)

There is new movement on a long-stalled project to redevelop 1444 Alberni St. (1468 Alberni St.) and 740 Nicola St. in downtown Vancouver’s West End neighbourhood into a pair of mixed-use residential towers.

However, in a highly apparent attempt to improve the project’s financial and economic viability, the planned redevelopment has taken a step backward as Landa Global Properties and Asia Standard Americas have submitted a newly revised rezoning application to change the housing tenure makeup and community amenity contributions (CACs) package.

This is a notable change after seven years, as the original rezoning application was approved during a public hearing held in the final weeks of the Vision Vancouver-led City Council in September 2018, just before that year’s civic election.

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The overall architectural design and height remain the same, and the density is highly consistent to what was approved in 2018.

The project’s original design team entailed New York City-based Robert AM Stern Architects, with local firm Musson Cattell Mackey Partnership acting as the local architectural firm of record. The revised rezoning application only lists architectural firm Arcadis as the prime consultant, but it emphasizes that “the revised rezoning will not change the design or exterior of the building.”

The design conceived by the New York City firm aims to provide a “throwback of the Formalist style” of the early 20th century, mimicking some of the concepts of Vancouver’s most cherished heritage buildings, such as the Fairmont Hotel Vancouver, Marine Building, and Vancouver Block — providing a unique contrast to the Vancouverism style of glass towers. Moreover, many buildings in New York City boast such an architectural style.

To achieve this look, the exterior facade will primarily use limestone cladding, along with some granite accents, rubbed bronze spandrels, and steel details.

However, as another clear measure to reduce project costs, the commitment to pursue a Passive House green building design certification will be removed. Previously, the developers touted that this project would achieve the world’s tallest Passive House towers.

Concept of 1444 Alberni St. and 740 Nicola St., Vancouver. (Robert AM Stern Architects/Musson Cattell Mackey Partnership /Landa Global Properties/Asia Standard Americas)

This is still a project that calls for the construction of two towers — a 405-ft-tall tower with 43 storeys and a 442-ft-tall tower with 48 storeys.

The original plan included 443 homes — including 314 strata market ownership condominium homes and 129 secured purpose-built market rental homes — along with a childcare facility for 56 kids. At the time, the combined CAC package — both cash payments to the City and in-kind contributions — amounted to approximately $75 million.

The cash component of the CACs would have been directed towards funding the municipal government’s public benefits projects identified in the City’s West End Plan.

The newly revised application retains the same number of overall homes and does not touch the strata market ownership condominium tenure. But there has been a major change in the secured purpose-built market rental housing component, with 78 units retained as market rental housing and the remaining 51 units converted into social housing — provided as an airspace parcel to the municipal government.

Concept of 1444 Alberni St. and 740 Nicola St., Vancouver. (Robert AM Stern Architects/Musson Cattell Mackey Partnership /Landa Global Properties/Asia Standard Americas)

This new inclusionary social housing maintains the overall $75-million CACs package value, but it converts the previous approximate $67-million cash payment into in-kind, on-site public benefits in the form of such affordable housing. The in-kind value of the on-site childcare facility makes up the balance of the CACs.

This project and its original cash CACs-heavy obligations were conceived about a decade ago, during a period when downtown Vancouver’s condominium market was more robust. In more recent years, developers have been requesting the municipal government for some flexibility with the CAC’s obligations for their condominium projects in the West End, especially those involving cash payments and/or inclusive social housing.

As well, the original incorporation of 129 secured purpose-built market rental homes was intended to provide a one-for-one replacement of all of the rental homes currently found on the development site, which is occupied by a 1970-built, 19-storey building with 129 rental homes and nearly 37,000 sq. ft. of office space and a 1967-built, three-storey office building.

The property spans the south side of the entire Alberni Street city block between Nicola Street and Broughton Street.

Site of 1444 Alberni St. and 740 Nicola St., Vancouver. (Robert AM Stern Architects/Musson Cattell Mackey Partnership /Landa Global Properties/Asia Standard Americas)

1444 Alberni Street 740 Nicola Street Vancouver

Site of 1444 Alberni St. and 740 Nicola St., Vancouver. (Google Maps)

The redevelopment’s total building floor area will reach 627,000 sq. ft., establishing a floor area ratio (FAR) density of a floor area that is 14.48 times larger than the size of the 43,300 sq. ft. lot. This is slightly smaller than the previous concept’s 647,000 sq. ft. and resulting FAR density of 14.95.

There is no change to vehicle parking, with six underground levels still accommodating 484 stalls.

Last year, Asia Standard Americas finally completed its nearby “Landmark on Robson” towers — the redevelopment of the Empire Landmark Hotel into condominium, social housing, office, and retail/restaurant uses.

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