An all-rental apartment building at Taylor Way and Clyde Avenue in West Vancouver, first proposed in the fall of 2021, will go to a public hearing.
Larco, the parent company of Park Royal, is seeking to build 201 market rental apartments, most of which will be studios between 350 and 378 square feet. The pitch is to provide smaller units that will be more accessible to local workers otherwise priced out of living in West Vancouver.
Rents for the suites will be set at the market rates at the time the building is finished, but the developer has told district staff they estimate the homes will lease for $1,400 to $1,900 per month.
The entire building would have just 40 resident parking stalls, plus 10 for visitors, but there would be more than 280 secured bicycle lockups.
If approved, the six-storey project would put another $4 million into the district’s coffers through community amenity contributions and add an estimated $115,534 in annual property taxes over what Larco currently pays for the vacant site.
In October 2021, the previous council voted to advance the project ahead of the official Taylor Way Local Area Plan process because it would offer much needed rentals.
District staff are recommending that it proceed because it would concentrate new homes within a short walk of shopping, services and transit.
Council was asked to vote on first reading of the rezoning bylaw in November, but the majority kicked it back for more community consultations by the developer.
Council voted 5-1 at the Jan 23 meeting to send the project to a public hearing.
Coun. Christine Cassidy was the lone holdout.
Cassidy stressed that her vote against moving the project forward was on the principle that it shouldn’t be done before the district completes a local area plan for Taylor Way.
“I don’t want this project coming forward in advance, because. as much as I may or may not like the project, Park Royal should have no greater opportunity for their project than for example, the lot that is for sale immediately behind it,” she said.
Coun. Nora Gambioli countered that the district already has numerous guidelines that should guide council to move the proposal forward.
“It’s about the need for rental housing. It’s about an opportunity. It’s about the fact that there is already a development permit area here and that this proposal is supported by that,” she said.
The public hearing will be held on March 6.