A massive city centre residential development, shelved during the recession, is back on the table.
The City of Richmond pulled the plug on the former Sun Tech City proposal which stretches from No. 3 Road to Garden City Road, and Capstan Way to Sea Island Way in 2009 after the three-strong group of developers couldnt live up to the rezoning agreements due to the global economic downturn.
However, two of those three companies this week submitted to city councils planning committee rezoning applications to build high-rises, which could eventually contain 3,250 homes.
As was the case three years ago, approval of the project will depend on the developers Concord Pacific and Pinnacle International stumping up the $25 million to pay for the Capstan Canada Line Station.
The larger of the two applications, called Concord Gateway and Pinnacle Centre has Concord proposing to construct a series of high-rises with 1,245 condos across eight acres. Pinnacle, meanwhile, envisages 200 units to kick off a 1,700-unit grand plan.
The main focus of the high-density projects, being referred to collectively by the city as Capstan Village, is on the pedestrian, hence the priority of building a new Canada Line station adjacent to the development.
The push for high-density neighbourhoods and encouraging public transit is all part of the citys grand city centre area plan (CCAP).
The developers will get a density bonus allowing more homes than usual to be built on a certain lot once they agree to pay for the station.