$5.2M in amenity funds from first Brentwood mall tower
If approved, the first residential tower at the Brentwood mall site could generate $5.2 million in amenity funds for Burnaby city hall.
The money would be in exchange for permitting bonus density to be built on the site.
The first phase of the redevelopment of the mall at Lougheed Highway and Willingdon Avenue is made up of three separate rezoning applications on eight acres of the 28-acre site, according to a city staff report.
The first is for a commercial podium, underground parking and a civic plaza at the southwest corner of the site. The first residential tower is proposed in the second rezoning application and is to be located at the southeast corner of Willingdon and Halifax Street.
That tower is proposed to be 53 storeys tall above the commercial podium, with about 591 units, of which 300 "are being considered for purpose built market rental units," the report said.
The second residential highrise is being proposed for the northwest corner of Lougheed and Alpha Avenue.
As for the money to be paid from the first tower, Shape Properties has submitted a letter to city hall requesting that it consider using the density bonus funds for improvements to the plaza and to support the rental housing, the report said.
Using the funds for privately-owned market rental units, "is not considered supportable in this circumstance," it said.
Staff recommend taking the contribution as cash, with its use in the plaza to be decided later as part of a more detailed review process.
If the rezoning is approved, 20 per cent of the total bonus density funds, or $1.05 million, will go into a city-wide housing account, with the rest deposited into a fund designated for future amenities in Brentwood Town Centre.
Currently, the Brentwood fund sits at $10.3 million, and the city-wide housing account is at $8.3 million.