EDGAR Secures Council Approval for Port Moody Project

VANCOUVER, BC, Dec. 8, 2021 /CNW/ - Port Moody City Council has approved EDGAR's Woodland Park redevelopment proposal, an exciting redevelopment that includes one of the largest affordable housing contributions in the municipality's history.

The council supported the fourth and final reading of bylaw amendments to the Official Community Plan and site zoning that will enable the site to transition from the existing low-density townhouses to a comprehensive development. This is an important milestone in the approval process, as it enables EDGAR and its partner, Woodbourne Capital, to proceed to the next steps of the development. EDGAR will continue to work with staff on permits. The $1.1 billion project will revitalize the Woodland Park area in one of Metro Vancouver's most desirable municipalities. The proposal will bring over 2,000 new homes, including strata, market rental and affordable rental homes.

The Woodland Park project (www.woodlandparkliving.ca) is a master-planned community that will be built in seven phases over 10-15 years. The 23.7-acre site at 1142 Cecile Drive and 300 Angela Drive includes approximately 1,590 strata units, 132 market rental homes, and 325 non-market affordable rental homes, the latter of which will be supported with construction financing through BC Housing's HousingHub program. HousingHub was created in 2018 and works with community, government, non-profit and private-sector partners to help create new affordable rental housing and home-ownership options for low- and middle-income British Columbians. 

"This project is a rare opportunity to create a unique, large-scale comprehensive development in a growing community that is becoming an increasingly popular destination for young professionals and families," said Peter Edgar, President of EDGAR. "We're extremely excited about the plans for this site, and the support we've received from Council, staff, residents and other community partners."

Key features of the proposal include:

• Two new neighbourhood parks and a 1.5 km public multi-use trail (approximately 3 acres total)
• $21 million, 5.1 acre land gift to BC Housing to accommodate 325 non-market homes
• Protection and enhancement of environmentally sensitive areas (5.2 acres)
• Approximately 93 spaces for childcare (11,800 SF)
• Grocery store and other commercial retail (19,000 SF)
• Public art budget of $2.85 million 
• Approximately $30 million contribution to acquire land and fund a new road, with excess land being provided to the City for its priorities

The project will seek development and building permit approvals over the next 3-12 months, with construction anticipated to begin on the first phase in 2022. 

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SOURCE EDGAR