Anthem Properties, a major Vancouver real estate developer, wants to delay a $10 million payment to city hall, citing \u0022market uncertainty\u0022
A 33-storey tower with 127 market condos was approved by Vancouver in 2021 for the former site of a Chevron gas station on West Georgia Street near the entrance to Stanley Park.Start your day with a roundup of B.C.-focused news and opinion delivered straight to your inbox at 7 a.m., Monday to Friday.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
The developer paid the first $15.6 million, as agreed, before council enacted the zoning bylaw. The remaining $10.4 million was to be paid before the city issued the first building permit for the property, or by 24 months after the enactment of the zoning bylaw, whichever came first. Now, Anthem is asking for the second payment to be delayed and tied to a late stage of the building permit. The “outside date,” 24 months after the bylaw enactment, would remain the same.Article content
Community amenity contributions are provided by developers to the city to pay for improvements in the area of the rezoning. The $26 million contribution for Anthem’swere earmarked for affordable housing, community facilities, firehalls, libraries, and child care in the West End. The outstanding balance is charged interest at the rate of prime plus two per cent.
Anthem declined to answer questions about the deferral request. In an email, an Anthem representative said: “We don’t have anything to add to the report to council.”The report going to council, which was made public Wednesday, notes that city planners sought direction from city hall’s risk management committee, which recommended accepting the proposal to delay the payment.
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