Appendix "B"

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Illustrations and economic proforma analysis of potential development concepts created and studied but rejected for not able to meet City objectives

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A Mixed Residential and Industrial/Office Park Development

The concept of providing a mixed development of a new residential neighbourhood and an industrial/office park was considered.

The concept would provide a 20 Acres industrial/office park and a residential neighbourhood of 1,700 housing units with 3,200 people. The housing density would be 1.57 FSR based on the gross site area for residential.

1. Illustration of the Mixed Development
2. Three Dimensional Perspective of the Mixed Development

In addition, the concept would provide:

• some needed housing to the City;
• 20% social housing;
• public access to water;
• public art;
• daycare;
• a public waterfront walkway;
• parkland/open-space along the waterfront walkway;

Note: All the above items would meet City requirements for major projects based on the amount of residential area in the mixed used concept.

• heritage building retention;
• general economic benefits created from construction activities ;
• a higher property assessment base for property tax purposes; and
• supply of industrial/office sites for light and high-tech industries close to downtown Vancouver.

However, from an urban planning perspective, the mixed use concept lacks the critical mass in the amount of residential space in order to create a strong and identifiable neighbourhood in this location.

The concept is not economically feasible, as the proforma indicates.

Economic Proforma

A Lower Density Residential Development

This concept envisions a comprehensive residential development with a lower density of 2.7 Million square feet of floor area, or 1.34 FSR based on gross site area, or 2.4 FSR based on a net site area exclusive of park and road areas.

The concept would provide a residential neighbourhood of 3,400 housing units for 6,250 people.

1. Illustration of the Mixed Development
2. Three Dimensional Perspective

In addition, the concept would provide:

• needed housing to the City;
• 20% social housing;
• public access to water;
• about 17 Acres of park;
• public art;
• daycare;
• a public waterfront walkway, parkland/open-space along the waterfront walkway;
• heritage building retention;
• general economic benefits created from construction activities ;
• a higher property assessment base for property tax purposes; and
• supply of industrial/office sites for light and high-tech industries close to downtown Vancouver.

The concept is not economically feasible with a loss of about $33 Million at the end of the development, or a loss of nearly $40 Million NPV, based on a return of 7% bond rate, as the proforma indicates.

Proforma Spreadsheet

A Conventional Residential Development

This concept envisions a comprehensive conventional residential development with 3 Million sq.ft. of floor area, or a density of 1.49 FSR based on gross site area, or 2.90 FSR based on net site area exclusive of park and road areas.

The concept would provide a residential neighbourhood of 3,770 housing units for 6,970 people.

1. An Illustration of the Mixed Development
2. A Three Dimensional Perspective

In addition, the concept would provide:

• needed housing to the City;
• 20% social housing;
• public access to water;
• about 19 Acres of park;
• public art;
• daycare;
• a public waterfront walkway, parkland/open-space along the waterfront walkway;
• heritage building retention;
• general economic benefits created from construction activities ;
• a higher property assessment base for property tax purposes; and

The concept is not economically feasible, as the proforma indicates. The development would suffer a loss of $4.5 Million at the end of the project, or a loss in NPV terms of over $18 Million, based on a return of 7% bond rate.

Economic Proforma

Last modified: April 8, 1997
(c) 1997 City of Vancouver