Thursday, January 14, 2010

City Council Passes Sustainable West End Vancouver Rental Buildings and New Condo Developments – Rezoning of the West End Real Estate Market

Vancouver West End Condo Developments and New Rental Buildings

West End Vancouver rental buildings will increase in number with several rezoning sites in the works.The short term incentives by the government have spurred a new generation of rezoning of the Vancouver West End real estate market place. Back in December 2009, Vancouver City Council approved the redevelopment of the building at 1215 Bidwell Street in West End Vancouver rezoning project, and there are currently three other sites that will possibly apply for rezoning of their land as well. As part of the Vancouver Short Term Incentives for Rental program, the Vancouver West End condo developments will become some of the most anticipated, hated and debated new rental and market buildings in the entire city. Starting with 1215 Bidwell Street, essentlly, many people will lose their rental homes during the process of the rezoning, reconstruction and eventual completion of the site. With many of these rezoned West End Vancouver properties, the end result will include both rental units as well as market units that will be sold to homeowners. Currently, there is much discussion as to what the new rental prices for the rezoned and completed rental units will be once 1215 Bidwell Street Vancouver condos will be completed. Will it be affordable for people to rent there? Or will they be reserved for high-end and prominent people who want to and can pay to live in the West End Vancouver community? Rental housing is more affordable than the purchase of strata titled units according to the Vision Vancouver councillor, Louie. With the Vancouver Short Term Incentives and Rental program in full effect, also known as STIR Program, there are many people who debate whether or not this is good for the city. The STIR Program or the Vancouver Short Term Incentives and Rental program will waive development cost levies and reduce development fees, meaning that part of the construction costs for the developers will be subsidized. Part of this STIR Program is to create more liveable and newer Vancouver West End rental stock. However, many people against the STIR Program and the rezoning of 1215 Bidwell Street Vancouver rental housing believe that the developers are there to make profit, and therefore will create high-end rental units and charge a lot more for rents once completed. Most people believe this will be the case at 1215 Bidwell Street. With the STIR Program in full effect, many West End Vancouver condo residents who rent right now are afraid that affordable housing in this area will likely disappear sooner rather than later because of the Vancouver Short Term Incentives and Rental program, making it even tougher for people who need affordable housing to find anything decent.

Other Rezoning Vancouver West End Condo Developments Coming 2010

The Vancouver STIR Program or Short Term Incentives and Rental program will allow for new West End rental units to be built and rented out in the coming year.The other sites that will likely be rezoned in the Vancouver West End real estate market during 2010 are located at the following site addresses: 1401 Comox Street, 1754 Pendrell Street and 1245 Harwood Street. All of these sites currently have West End Vancouver affordable housing, and will be rezoned to become both rental and market unit condo developments. Most likely like 1215 Bidwell Street rezoning project, the new West End Vancouver rental units will be more expensive then the current ones, but newer (obviously). The 1401 Comox Street Vancouver rezoning application will likely be a twenty two storey (22 stories) all rental condo building with one hundred and ninety three units (193 West End rentals) under the new STIR Program. The Vancouver Short Term Incentives and Rental program will likely see another application from 1754 Pendrell Vancouver with a proposed ninety storey (19 stories) tower in the heart of the city. This will likely be a part rental (10 West End rentals) and part market condo (34 condominiums for sale) proposal. Not much is known about this proposed application from STIR yet. Lastly, 1245 Hardwood Vancouver rezoning project in the West End real estate market will likely come up during mid-year, and therefore, not many details have been released either. The 1215 Bidwell Street Vancouver rezoning project will see a 20 storey building with 98 market condos for sale and the addition of 49 rental units. This rezoning project has already been approved by Vancouver City Council. As you can see, there will be many other West End Vancouver rezoning projects coming up which will transform the landscape of the rental market and available new condos in the area. Either way, much of this is required in a community that has deteriorated and hasn’t seen many new condos or rentals with the exception of renovation projects here and there.

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