"A $200-million residential tower development is in the works for North Surrey, complete with what is being described as affordable housing. United Properties Ltd. is planning five 18-storey towers at 15399 Guildford Dr., a few blocks southeast of 108 Avenue and 152 Street. One of the towers will be dedicated to 129 units of rental housing, while the suites in another of similar size will be sold at 10 per cent less than market prices. That’s made possible through a “spring mortgage” which will cover the reduced price. If the unit is sold before 10 years, the 10 per cent goes into a fund for the city.
Victor Setton, president of United Properties, is offering the “affordable housing” and spring mortgage in exchange for city approval to build a higher density than current zoning allows. He noted the buildings will be state of the art. “The project will be constructed using our innovative pre-cast system of hollow core planks with steel columns and beams,” Setton said. “Our environmental consultants have determined that there will be a 29,000 tonne reduction in the production of greenhouse polluting gases due to this method of construction.” Other environmentally friendly elements of the project include permeable surfaces on all driveways and parking areas and a centralized heating control. “This is going to be the most energy efficient building ever built in B.C.,” Setton told council. The project is expected to come to a land use meeting in the near future."
Apparently there is an 'affordability' problem in good ol' Surrey otherwise why would these people be barking off about making this development 'affordable.' Has anyone ever heard of the type of fundng formula they are talking about here? I wonder what kind of tenants / buyers this development may attract.
Friday, March 23, 2007
$200 Million Development for Guildford area of Surrey
Surrey Leader article by Kevin Diakiw.