• What: Edgar Development’s proposed 3,800-unit housing development has been approved

• Why: The company is paying about $100m to the city for the project

• What next: About 800 of the units will be market-rate rentals

New Westminster City Council on Oct. 28 approved the development of a 3,800-unit mixed-use complex.

The project will include 800 market-rate rental homes and 160 affordable rentals. Edgar Development proposed the project on the 7.1-acre property almost three years ago. As part of the deal, it will make a $100m financial contribution to the municipality – the largest density bonus in the Vancouver suburb’s history.

New Westminster will use a portion of the fee for additional affordable housing. The fee includes a $60m density bonus charge and $30m in development cost charges.

The development, at 88 10th Street, is expected to transform the area and bring in a host of amenities, including two daycare centres, upgrades to neighbouring infrastructure and space for a new school.

It will also include a pedestrian area for community events and other uses. The project is near a SkyTrain station and the New Westminster Quay.

Vancouver-based Edgar is also behind the $1.1bn Portwood project in another Vancouver suburb, Port Moody. New Westminster is 17 km southeast of downtown Vancouver.