Polygon Homes has submitted a rezoning and development application for its second mixed-use development site within Capstan Village in North Richmond.
The developer is proposing the development of the 13.5-acre site at the southwest corner of the intersection of Capstan Way and Garden City Road, currently largely undeveloped as farmland and a handful of single-family dwellings.
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From the western edge of the property, it is approximately a seven-minute walk to the Canada Line’s future Capstan Station, which is slated to open in 2022.
This will be a three-phase development with five towers up to about 148 feet and three mid-rise buildings, containing a total of 1,226 homes, including 150 affordable market rental homes, 65 market rental homes, and 1,011 condominium homes.
Both rental housing components, constructed as wood frame structures, will be part of the first phase of the development within the southeast corner of the site.
SUCCESS has been selected as the operator of the affordable rental housing component, which has a unit mix of 17 studio units, 52 one-bedroom units, 47 two-bedroom units, and 34 three-bedroom units. Maximum rents will range between $811 per month for a studio unit for a maximum household income of $34,650, and $1,480 per month for a three-bedroom unit for a household income of up to $58,050.
The unit mix of the market rental housing component is 18 one-bedroom units and 47 two-bedroom units.
The first phase also entails 132 condominium homes, with a unit mix of 20 one-bedroom units and 112 two-bedroom units.
The unit mix of all three phases combined is 35 studio units, 336 one-bedroom units, 698 two-bedroom units, and 157 three-bedroom units.
Residents will have access to over 28,000 sq. ft. of indoor amenity space over the three phases.
Approximately 8,400 sq. ft. of commercial space will be located within the ground level of a condominium building on the northeast corner of the site.
The developer will set aside 1.73 acres as publicly accessible lands, including 1.17 acres for a city-owned central public park and 0.56 acres for road dedications and open spaces.
The vehicle parking supply rate in the first phase will be slightly under city requirements, in exchange for transportation demand management measures that include providing a two-zone monthly transit pass to 25% of condominium units, 50% of market rental housing units, and 100% of affordable housing units for one year.
Additionally, as the project falls within the Capstan Village area, the developer is required to provide the municipal government with $11.024 million towards covering the cost of construction Capstan Station. This is based on the 2020 contribution rate of $8,992.14 per home, including the affordable and market rental homes.
The entire multi-phase development will create a total floor area of 1.179 million sq. ft., providing the project with a floor area ratio of 2.86 times the size of the lot when the publicly accessible lands are excluded. The developer is required to test and relocate up to 8.8 acres of the site’s farmland soil for ongoing local agricultural production.
Over 6,000 homes are in the pipeline for Capstan Village, with the developments expected to house between 13,000 and 16,000 people upon full buildout, along with new jobs from mixed uses such as new retail, restaurants, and office.