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More rental, less parking proposed for new Richmond projects

Large developments in City Centre could have 30 per cent rentals.
Richmond condos
More rentals could be required in large residential developments.

Richmond city council will consider whether to require more rental suites in large residential developments and less parking in new buildings close to transit.

Proposed changes, if approved by city council, would mean housing developments in Richmond’s City Centre could have 30 per cent rental units, half of them regular market rentals and half low-end market rentals.

Furthermore, all other new large developments throughout Richmond could be required to have 15 per cent market rental suites as well as 10 per cent low-end market rentals, for a total of 25 per cent rentals.

These rule changes would apply to new projects that have 60 or more residential units, whereas developers of smaller projects would have to contribute money towards the city’s affordable housing fund.

Currently, 10 per cent of suites in large developments must be low-end market rental (LEMR) except in City Centre where the requirement is 15 per cent.

Also being proposed is a reduction in parking space requirements: a 50-per-cent reduction in parking in developments that are within a 10-minute walking distance to the Canada Line, and up to 30 per cent parking reduction at other developments.

These proposals are coming to next week’s planning meeting.