4,000-unit development could net Coquitlam more than $140 million

A development that would transform central Coquitlam is set to be unveiled today as council gets a preliminary look at a comprehensive proposal for the land east of Coquitlam Central SkyTrain station.

The pitch: 4,000 housing units arrayed over 11.6 acres on Pinetree Way and Lougheed Highway, covering the spot currently occupied by the Chrysler dealership and stretching to Pheasant Street and Christmas Way.

• Two rental buildings (1,000 units – including 150 units of below market rental housing)
• Six market condo towers (approximately 3,000 units)

For the tourists: The project also includes a 150-room hotel that would be “comparable to a Hilton or Marriott,” a grocery store, a daycare, and commercial space equivalent to more than half Coquitlam Centre Mall, according to a staff report.

The project, which also includes an office building linked with the hotel, is expected to generate about 800 jobs.

For the locals: Rounding out the project are a 1.2 acre “urban park” (privately owned but publicly accessible) along with a 0.6 acre public park.

Transportation: A pedestrian/cyclist bridge over Lougheed Highway.

Money on the table: Approving the project would mean about $150 million being paid to the city through development cost charges, density bonus payments and community amenity contributions.

Marcon development company has requested the city pay $7.6 million toward the construction of a conference centre connected to the hotel.

Horse trading: The city owns property at 2976 Pheasant but is considering selling part or all of the property, depending on final site layout.

Applicant: Marcon and QuadReal Property Group

Timeline: Following today’s meeting, the applicant is expected to go through two rounds of public engagement and at least one council-in-committee meeting.

The project is tentatively slated to go before council for first reading in mid-2022.