Nine-tower project moves ahead despite concerns low-income earners could get left out

One of the biggest development projects in Coquitlam is an eyelash from approval.

In February 2023, council voted unanimously to put nine towers totalling 2,835 units on an 11.3-acre site between Barnet Highway and Guildford Drive near the Port Moody border.

The project was back in front of Coquitlam council Monday to finalize a deal between the municipality and Polygon development company regarding the project’s 785 rental units.

The project includes about 210 below-market units, where rents are set 20 percent below average. However, one councillor questioned whether the people who most need those units might lose out to more prosperous renters.

There’s a concern that: “those people who might be in most desperate need of these units, not getting them,” in favour of higher-income tenants, said Coun. Matt Djonlic.

Djonlic’s concern was based on Polygon’s decision to essentially raise the income ceiling of eligible renters.

The developer opted to use B.C. Housing’s middle-income limits rather than low-to moderate income limits.

For couples without children renting a one-bedroom unit, the middle-income limit is $131,950. The low-to-moderate income limit would have been $84,780.

For families renting two or more bedrooms, the middle-income limit is $191,910. The low-to-moderate limit would have been $134,140.

Djonlic asked city staff why Coquitlam would accept a higher income limit for those units.

Noting that Polygon is providing about twice as many below-market units as typically expected, the bump in income limits is considered an “acceptable trade-off,” said city planning manager Andrew Merrill.

Merrill explained that using the higher income threshold was a way to increase the pool of potential tenants.

“The pool of tenants needing some subsidy to their rent is about the size of an ocean,” Djonlic replied.

Djonlic ultimately supported moving the project forward.

The project, which includes towers ranging from approximately 24 to 51 storeys, is about 450-metres from SkyTrain and a 10-minute walk from Port Moody’s Coronation Park project.

Besides the three purpose-built rental towers, the development include six condo towers with approximately 2,050 units.

Council is set to issue a final vote on the rezoning as well as the housing agreement at a future meeting.

Money on the table

Polygon is expected to be on the hook for about $155 million in payments to the city, according to a 2023 city staff report. The lion’s share of that cash, about $138.2 million, covers the cost of for density bonus and development charges. Approximately $9.8 million is earmarked for city-owned land, $3.1 million would go toward helping the city deal with increased transportation demand and another $590,000 would go to the city’s child care fund. Those estimates are preliminary.

Child care

The development is expected to house about 583 children. Polygon is planning to provide 79 childcare space – 73 fewer than what is likely needed, according to a city staff report.

Park and trees

Approximately 385 trees – 346 on the site and another 39 on adjacent properties – may be chopped down to make way for the project. Polygon will be required to provide replacement trees.

The development includes a one-acre park at the site’s northwest corner.

Coquitlam vs. B.C.

Prior to voting in favour of the project, Coun. Robert Mazzarolo used some of his speaking time to criticize the province’s recent housing legislation.

“The old system was working,” Mazzarolo said.

“But the new system may eventually work almost as well,” Mayor Richard Stewart interjected.