Vancouver, BC, October 28, 2024 – Nearly three years after EDGAR Development proposed a significant new, master-planned, transit-oriented community in New Westminster, the Columbia Square development will now be moving forward. Council officially approved the large-scale, master-plan on transit today. The proposed development at 88 Tenth Street is poised to transform the 7.1 acre site, providing more than 3,800 new homes, including 800 market rental, 139 affordable homes, two daycares and a school, office, retail and significant park space.
As part of this approval, Columbia Square will make a precedent-setting financial contribution to the municipality of approximately $100 million, a portion of which will be used by the municipality for additional affordable housing. The fee includes a $60 million density bonus charge and $30 million in DCCs. This is the largest density bonus paid in the City’s history.
“This is a huge milestone for EDGAR and for the City of New West,” said Matthew McClenaghan, President at EDGAR Development. “We’ve been working hard on this project for a long time, and we recognize this is a bold move by the City to develop housing on transit, in line with new provincial mandates. In an environment where housing is so critically needed, this is a huge step forward for future housing development in the City.”
The project received an outpouring of support from numerous affordable housing societies, including Entre Nous Femme, Makola Housing Society, YWCA, Red Door, SUCCESS, as well as Douglas College, Fraser Health, New West Pride, the New West BIA and Chamber of Commerce. In addition, no residents are being displaced by this development, located just 200 m from a Skytrain station.
Key Project Highlights:
- the redevelopment will be subject to a density bonus charge of almost $100 million; these funds can be directed towards community needs such as affordable housing initiatives off or on site
- the addition of 3,800 homes and as a result, tens of millions in property taxes that will go towards paying for the City’s infrastructure needs
- 20% market rental (approximately 800 homes)
- 139 affordable homes to be built in first phases of the development
- two daycares
- space for a new school
- significant space for workforce housing
- revitalized retail and employment space
- a central public community plaza
- upgrades to neighboring infrastructure
- a new pedestrian realm that will be engaging and active and create a new downtown town centre featuring open space, patios, food trucks and community events
“This is a carefully-planned, world-class development that adheres to all municipal policies, is compliant with the Official Community Plan and on transit. At a time when housing is so critically needed, this is a significant step forward for future housing development in the City,” said Peter Edgar, CEO of EDGAR Development.
“What’s being proposed is truly innovative in terms of how we live,” Mark Thompson, MCMP Architects. “Columbia Square today is car-oriented and suburban, and what we are proposing is a new people-oriented community with vehicles directed underground. By enhancing the character, quality and experience of the area, we will provide a catalyst for the revitalization of downtown with this new gateway to the downtown core.”
For more information, visit https://edgardevelopment.com
Media contact:
Cori Howard Communications
cori@corihowardcommunications
778-987-1345