I’ve heard that the rental housing would be for municipal employees only. Is that true?
No, the rental housing is being proposed for moderate income people, including families and workers in West Vancouver. The rental housing is not limited to municipal employees. Any moderate income worker in West Vancouver could apply for the rental housing.
Is the District providing subsidized housing?
The District’s intent is to long term lease / sell the land to a third party to construct, build and operate the development. There would be no ongoing cost to the District and no ongoing subsidy from the District. While other municipalities have chosen to own and operate housing, the District’s proposed model eliminates that financial risk to the taxpayer.
Is the District going to own and operate the housing?
No, the District will not own and operate the housing. The District intends to long term lease / sell the land to a third party that will construct the buildings, operate the 170 unit rental component and long term lease / sell the 30 strata condominiums. The third party would operate the rental component according to the parameters set by the District.
What is the maximum amount of revenue the District could achieve from this site?
The District is
proposing a use that is intended to balance policy, housing and financial
objectives by creating 170 below market rental units (at 70% of market rent),
30 strata condominiums and generating $20 million in revenue. If the
District were to focus only on financial return, this would mean the District
would use the site 100% for strata condominiums, which with the current design
could potentially generate in the region of $80 million revenue but without
delivering on the District’s policy and housing affordability objectives.
The District purchased the property in 2014 for $16.07 million.