A developer with plans to build a trio of towers in Coquitlam City Centre was given more time by council this week to work on the massive project.
Monday, council voted to allow an extra 12 months to Onni Pinetree Way Holdings Corp. Inc.; it is the second time Onni has asked for a year delay, following the third bylaw reading in March 2019 after a public hearing.
According to the city’s director of development services, Andrew Merrill, the extension is to “allow the applicant additional time to resolve outstanding application issues” such as engineering requirements and legal agreements; the city also hasn’t receive its Community Amenity Contribution, nor securities for onsite landscaping and off-site servicing.
Onni is proposing to rezone 1175 Pinetree Way and 3022 Glen Dr. — north of the Coquitlam Public Library’s City Centre branch — to construct 22-, 45- and 50-storey towers for residential homes and commercial use.
In 2019, Onni’s bid called for towers of 25, 45 and 49 storeys, comprising 891 units.
At that time, city staff said the development would generate about $12 million in development cost charges and $31 million in density bonus funds, of which $2 million would go in the affordable housing reserve fund.