Burquitlam condos to be built around orphan lot

The holdout lot is still holding, but the development is moving ahead.

Two six-storey condo buildings consisting of 184 units are set to go up over 10 lots on Smith Avenue, Fairview Street and Vanessa court, following a unanimous vote on the project’s development permit from council on Jan. 13.

The approximately 1.67-acre development site had to be rejigged after one owner on Fairview Street opted not to sell to Polygon development company.

In some cases, holding onto an orphaned lot can mean a financial loss for the owner, said Mayor Richard Stewart.

“Typically, the property is worth more five minutes ago than it will ever be worth again if a project adjacent tends to orphan it,” said Mayor Richard Stewart. “It troubles me, particularly when we see a property owner shoot themselves in the foot by holding on and holding on with the hope that their property is worth more than it actually is.”

Coun. Robert Mazzarolo also voiced concern about the holdout lot, asking staff if the developer’s offer was reasonable.

Polygon made a “number of attempts” to buy the property but weren’t able to come to an “agreeable sum” with the owner, explained Coquitlam’s director of development services Chris Jarvie.

There is still development potential on the holdout lot, Jarvie added.

The failure to come to a deal meant scuttling a previous plan to extend Vanessa Court to Fairview Street.

Polygon is set to pay the city $3.05 million in development cost charges and community amenity contributions. Because the project doesn’t include child care, Polygon is also set to pay $121,944 into the city’s child care reserve fund.

The project is close enough to Burquitlam SkyTrain station to included in newly approved zoning, which requires building heights of at least eight storeys.

However, because Polygon’s application predated the provincial housing legislation, that zoning isn’t yet binding.

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