Today Vancouver city council passed a motion to rezone 800 Griffiths Way, a North False Creek property adjacent to the Rogers Arena. The property is owned by Aquilini Investment Group and will be used for three market rental towers totaling 614 units of market housing on top of commercial and office space.
According to Connor Donegan of the Vancouver Renters’ Union, the housing will be “severely unaffordable for working people in Vancouver.” Units will be priced at $2,000 per month for 900 sq. ft. units. During public hearings for the project, renters pushed the city for rent caps on a large number of units.
Opponents to the project were joined by COPE in criticizing the city’s decision to forego normal development fees and taxes, amounting to a $35 million loss for the city. According to page 16 of the city staff’s policy report for the project, the exemptions were approved because the developer decided to build rental instead of condos. Condo marketer Bob Rennie estimates that in Vancouver up to 60% of market condo units currently rent and are not owner-occupied.