A 173-unit condo project on Port Moody’s Henry Street that had its genesis in 2006 and got as far as third reading before city council eight years ago, has moved a step closer to actually getting built.
Tuesday, council referred the project by Vancouver-based Aultrust Financial to a public hearing pending the completion of a peer review of a geotechnical study of the site that backs onto the steeply wooded terrain of the Chines hillside, as well as finalization of an affordable housing arrangement.
Aultrust’s managing partner, Navid Morawej, said he expects both to be in place in the next couple of weeks.
Morawej, who grew up in Port Moody and also runs a daycare in the city, said the project has followed a long and sometimes bumpy path to this point.
That path includes several owners, as well as a plan for a U-shaped 11-storey terraced complex that got as far as third reading in 2012 before it was shelved for six years because of concerns over geotechnical, environment and stormwater management issues.
The plan was briefly revived by another developer in 2018 before Aultrust acquired the property.
Morawej said he considered other design options for the property that could have resulted in more density, but in the end the original terraced concept still made the most sense.
Working with architect Tim Ankenman, the design was further refined to occupy a slightly smaller footprint as well as minimize the need for excavation into the base of the hillside.
Morawej said it’s been a complex process that’s involved some of Vancouver’s top engineering companies with experience building challenging projects. He also had to find the right balance of unit numbers and sizes to be able fit in the city’s need for an affordability component.
“It’s like a renovation,” Morawej told The Tri-City News. “Sometimes it’s easier to build something from scratch rather than trying to go back and forth.”
The end result is 173 units —up from the original 145 — with half of them adaptable. Six units will include lock-off suites, 17 will be offered to local buyers through a rent-to-own program and one large apartment with additional lock-off suites will be offered to a non-profit affordable housing operator.
The developer is funding that suite with a $200,000 contribution along with a request the city divert about $342,500 from the project’s $1.038 million community amenity contribution.
As well, the developer has expanded the setbacks from two streams that run through the property, bringing them into full compliance with current city bylaws and offering the opportunity for trails to be constructed. It’s also turning over about half the property to the city as park space.
And while that portion of the property is a heavily-wooded slope that’s difficult to access, Coun. Steve Milani said it will still benefit the city’s environs.
“We get that whole upper space as just green space,” he said. “I think it will look quite nice.”
Coun. Hunter Madsen said the location and architecture will make the project “a beautiful space for people to live in.”
But Mayor Rob Vagramov said the development doesn’t quite tick all the boxes. He said he doesn’t like the building’s size and location and he suggested projects being proposed for the Moody Centre area should also contribute to the rebuilding of Kyle Centre as the neighbourhood is underserved by recreational opportunities.
Still, the proposal passed first and second reading, with Vagramov, Milani and Coun. Zoe Royer opposed. It was then sent to a public hearing unanimously.
Morawej said he’s eager to proceed.
“We’re pretty comfortable with what the project provides,” he said.
