After spending 15 long years fostering a project within the heart of Vancouver, Holborn Properties Ltd. now faces the odds of potentially prolonged construction. The city is being urged to suspension the occupancy permits for certain sections the project, so as to avoid extending the already lengthy duration of work.
Having acquired the sizable 15-acre property for a whooping $334 million back in 2008, the company agreed to refurbish the 234 social housing units within the property. Unfortunately, this led to the eviction of hundreds of families from their established homes within the social housing units the very following year.
The introductory agreement had it that, the completion of the social housing facilities would be archieved in the first duo-phases of the project, prior to the development of the planned 1,400 market-friendly condos.
In an illuminating report, Holborn apprised that securing funding for the development has become impossible due to the occupancy permit holds stipulated in the housing agreement, registered over the first two phases of market lots.
Thus, the Vancouver-based property developer pleads with the city to alleviate the need for first building the social housing before beginning the construction.
David Chudnovsky, ex MLA of Vancouver-Kensington, isn’t too optimistic about the developer’s recent request. “It seems to be an unending cycle of concessions,” he commented, “It’s akin to the death of a thousand cuts.”
The decision on this request by Holborn will be made on Wednesday at the council meeting, where councillors would debate on whether to soften the conditions of the sales agreement.
One very vocal dissenter to this plea is City Coun. Christine Boyle, who shows great disgust at Holborn’s bold request. “This entire process has been painstakingly slow. Taking away the only leverage left to hold Holborn responsible would be an atrocious blunder, and I stand strongly against it,” Boyle agitated.
ABC Coun. Mike Klassen maintains a different perspective though. While acknowledging the challenges the project has faced, he believes the project promises to provide urgently needed housing on the vacant lot. “Let’s not spend too much time dwelling on the past,” he advised.
The report also includes a rather alarming warning given by the city staff. They claim that if the occupancy permit holds are lifted from the housing agreement for the initial two phases of the project, the city may lose its position to guarantee that the social housing units are built and brought into use prior to the market-based residential units.
However, in spite of this warning, the city staff coupled with BC Housing are recommending the council to sanction the developer’s appeal.
