The City of Vancouver has proposed new policy aiming to limit land speculation along the Broadway Corridor.
The new policy, called the Development Contribution Expectation (DCE), will require developers to plan projects that will support public amenities and affordable rental housing. The area has become subject to white-hot demand from developers since TransLink announced it would be extending the Millennium Line to Arbutus Street along Broadway.
“Stabilizing land values along the Broadway corridor to prioritize the retention of existing affordable rental housing is one of the priority actions in the Housing Vancouver strategy,” says Gil Kelley, general manager of planning, urban Design and sustainability for the City of Vancouver.
Council will also be considering an interim rezoning policy for the planning area that will limit rezonings, with some exceptions, while planning process of an official Broadway Corridor Plan is underway.
The prospective Broadway Plan may include opportunities for increased strata residential density. There will be no additional density of market condominiums in areas that are already protected against the loss of rental housing through the Rental Housing Stock Official Development Plan, the City states.
Under the DCE, the City will continue to prioritize work and office space along Broadway between Yukon and Oak Streets. Additional residential density will not be considered in this area.
“The future Skytrain development along Broadway is a key opportunity to continue creating more job space and affordable housing,” says Sadhu Johnston, city manager of Vancouver. “By leveraging this critical transportation investment we can ensure that the needs of our employers and residents are being met as our city continues to grow.”
