For people watching the progress of the controversial Short Term Incentives for Rental (STIR) program adopted in 2009, a July 12 report to council (in relation to a rezoning at 2730 East 41st Ave.) provided a snapshot of the situation at the time. See below for those numbers. The program is set to end in December 2011, but Vision Vancouver is making signs that they hope to keep it going (if reelected). Continue reading
Bosa Properties Inc. has applied to amend the existing application that was submitted in 2008 for this site (this time as a STIR project). The main revision: an 18 storey residential building on Quebec Street, 8 storey building with ground floor retail uses and 7 residential floors of rental housing under the Short-Term Incentives for Rental programme on Main Street. The total floor area proposed is 20,820.8 m² (224,114 sq. ft.). This revised application is to increase height of Quebec Street building from 15 to 18 storeys (50 metres to 56 metres) and density. The total density proposed is 5.02 FSR (need to check the original permitted). More information here. Citizens should check to see if this is a fair deal for the public. STIR projects do NOT provide affordable housing, but do provide large incentives for developers. The estimated subsidy to developers at 1215 Bidwell was about $110,000 per unit, and at 1401 Comox (not yet rezoned) it has been estimated to be nearly that amount. The last page of the Council Report has a summary of existing STIR projects.
Date: Thursday, June 16, 2011
Time: commencing at 7:30 p.m.
Place: Council Chamber, Third Floor, City Hall, 453 West 12th Avenue