{"id":21644,"date":"2023-04-12T11:11:00","date_gmt":"2023-04-12T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21644"},"modified":"2023-04-04T11:25:16","modified_gmt":"2023-04-04T18:25:16","slug":"the-province-translink-developers-are-investing-to-densify-diversify-transportation-hubs","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/04\/the-province-translink-developers-are-investing-to-densify-diversify-transportation-hubs\/","title":{"rendered":"The Province, Translink &amp; Developers are Investing to Densify &amp; Diversify Transportation Hubs"},"content":{"rendered":"<p style=\"text-align: justify;\">When PCI Development Corp. first proposed transit-oriented development at Marine Gateway, the City of Vancouver rejected the proposal.<br \/>\nThe city\u2019s reason, according to real estate consultant and developer Michael Geller, was that the land ought to remain zoned for industrial use.<\/p>\n<p style=\"text-align: justify;\">After a four-year rezoning process that started in 2007, PCI was able to begin building a site that now features residential, office and retail components steps from TransLink\u2019s Canada Line. Marine Gateway has since become a framework for mixed-use developments centred on transit nodes, according to Geller.<\/p>\n<p style=\"text-align: justify;\">\u201cI share that to demonstrate how attitudes have changed. Now, around [Marine Drive and Cambie Street], high-density development is spreading, and rightly so,\u201d Geller said.<\/p>\n<p style=\"text-align: justify;\">Concentrations of highrises are increasingly seen around SkyTrain stations in Burnaby, Port Coquitlam, Port Moody and Vancouver. But densification \u201cis taking time,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">The province\u2019s housing crisis has pushed both the private and public sectors to build around transit as a means of creating more affordability in daily life, said Geller.<\/p>\n<p style=\"text-align: justify;\">Metro Vancouver and the BC government have made plans to promote transit-oriented development through Metro 2050, the region\u2019s growth plan, and the latest provincial budget. Both are in line with Transport 2050, TransLink\u2019s transportation strategy for Metro Vancouver, which highlights affordable housing near transit as a top priority.<\/p>\n<p style=\"text-align: justify;\">BC has earmarked approximately $394 million from its most recent budget for a property acquisition program dedicated to transit-oriented development, according to a statement to Glacier Media from the Ministry of Transportation and Infrastructure.<\/p>\n<p style=\"text-align: justify;\">Details on how those funds will be allocated will be released \u201cas those plans progress,\u201d the ministry said.<\/p>\n<p style=\"text-align: justify;\">Last spring, the provincial government passed legislation that allows the province to purchase land for the purpose of building housing and community amenities around SkyTain or bus stations, according to the ministry. Prior to the legislation, land purchases could be only used for transit projects and not housing.<\/p>\n<p style=\"text-align: justify;\">Glacier Media reached out to TransLink\u2019s Real Estate Development Program, but was told no one within the organization was available for an interview. According to a statement to Glacier Media, the real estate program is intended to \u201cgenerate new long-term revenue to fund essential transit services in Metro Vancouver.\u201d<\/p>\n<p style=\"text-align: justify;\">While Geller doesn\u2019t think that TransLink should be building housing, he believes that the organization should buy land close to transit and partner with developers that are building around current and future SkyTrain or bus stations.<\/p>\n<p style=\"text-align: justify;\">\u201cI\u2019ve been arguing that since 2008 when I was first interviewed to serve on the board of TransLink,\u201d Geller said.<\/p>\n<p style=\"text-align: justify;\">Of newly completed housing units built around frequently used transit options, Metro Vancouver has set a target that 15% of those units be affordable rental units, according to Jonathan Cote, deputy general manager at Metro Vancouver.<\/p>\n<p style=\"text-align: justify;\">\u201cThat\u2019s a new target that comes with some new strategies and policies for cities to really focus a lot more work into not only building the right kind of density, close to transit, but also ensuring that people can afford to live in those areas and that we have more affordable housing in those locations too,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Often, there is demand for housing that is built around high-quality transit locations, which leads to price pressure. The issue, Cote said, is that medium- and low-income households are more likely to live in close proximity to transit. He added that the region \u201chasn\u2019t done a good job\u201d of ensuring those areas are servicing the right population groups.<\/p>\n<p style=\"text-align: justify;\">Access to transit works to promote affordability by reducing transportation costs and increased access to amenities typically located in areas around transit, according to those who spoke to Glacier Media.<\/p>\n<p style=\"text-align: justify;\">\u201cOne of the things that we know for sure is that people living very close to transit, especially Skytrain stations, are far more inclined to not have a car than people who are living elsewhere in the city or in the municipality,\u201d Geller said. \u201cThe reason that it results in more affordability is because oftentimes after your shelter, a household\u2019s second-greatest expense is owning a car.\u201d<\/p>\n<p style=\"text-align: justify;\">For many Metro Vancouver residents, parking factors into housing affordability and location, as well as work options, highlighting the need for mixed-used development that can cater to both, Geller said.<\/p>\n<p><a href=\"https:\/\/biv.com\/article\/2023\/04\/transit-oriented-development-part-addressing-regional-affordability\" target=\"_blank\" rel=\"noopener\">Transit-Oriented Development Part of Addressing Regional Affordability<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When PCI Development Corp. first proposed transit-oriented development at Marine Gateway, the City of Vancouver rejected the proposal. The city\u2019s reason, according to real estate consultant and developer Michael Geller, &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/04\/the-province-translink-developers-are-investing-to-densify-diversify-transportation-hubs\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-21644","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Province, Translink &amp; Developers are Investing to Densify &amp; Diversify Transportation Hubs &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2023\/04\/the-province-translink-developers-are-investing-to-densify-diversify-transportation-hubs\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The Province, Translink &amp; Developers are Investing to Densify &amp; Diversify Transportation Hubs &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"When PCI Development Corp. first proposed transit-oriented development at Marine Gateway, the City of Vancouver rejected the proposal. 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