(Posted on Jan 30, 2017 at 03:17PM by Michelle Bogle)
Flavelle Oceanfront Development, the owner of a 34-acre waterfront mill property in Port Moody, B.C., has submitted an application to amend the Official Community Plan in an effort to re-designate the industrial site to allow for a new high-density mixed-use waterfront development.Â
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Flavelle is the real estate division of Mill & Timber Products, a family-owned business in Surrey that acquired the cedar sawmill operation in 2000.Â
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The 34-acre Flavelle site has been an important piece of Port Moody’s physical landscape for over 100 years. Located at the water’s edge at the end of the Burrard Inlet, the site is neighboured by Rocky Point Park to the east and the Pacific Coast Terminals to the west. The construction of the Canadian Pacific Railway in 1886 divided the waterfront from the rest of the city.Â
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According to Flavelle Oceanfront Development, the key objectives of the site redevelopment are to knit the community back together and provide public access to the oceanfront. However, there is some contention with this project – specifically the site’s designation in Metro Vancouver’s Regional Growth Strategy (RGS) as industrial use. Its conversion to residential uses was previously declined by the Board in 2014, due to an incomplete development plan. However, after further community and stakeholder consultations, along with the completion of the Evergreen Skytrain extension, interest in the project has been renewed.Â
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As such, Flavelle Oceanfront Development has drafted a complete land use plan for the City of Port Moody’s consideration. It includes:
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•3,397 residential units
•3,260,000 sq. ft. of residential density (including 55,000 sq. ft. of rental)
•99,000 sq. ft. of office space
•103,000 sq. ft. of light industrial space
•72,000 sq. ft. of retail space
•Total density of 3,850,000 sq. ft.
•Total density of 2.82 FSR
•11 towers ranging from 16 to 38-storeys in height
•Mix of light industrial, commercial, office, private indoor amenity space
•Possible congregate care facility and hotel
•Approximately 7.53 acres of dedicated park/open space
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The final project is expected to bring a resident population of 7,000 people and over 1,000 jobs.
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You can learn more about this mixed-use waterfront development in the video below:
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With there being such a large shortage of industrial lands across the Lower Mainland, our team of commercial real estate advisors are keeping a close eye on this project, especially as it progresses through the approval stages with the City of Port Moody.Â
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For more information or insight into the Flavelle sawmill redevelopment, please contact Marcus & Millichap’s Vancouver office to speak with an associate.
