A plan to redevelop the Oakridge Mall at Cambie and 41st, unveiled this past week, includes 2,800 condo units in 16 buildings, 6 of which are above 30 storeys. The current developer-friendly City Council is sure to approve the proposal with only minor adjustments. One city councilor anticipated some community concerns about height and density, but my concern goes deeper. I’m not against height or density in the service of affordability, but in this case, height and density primarily serve corporate interests and reflect poor transit planning choices.
Looking at the redevelopment plan, it’s clear to me that the fundamental principle at work is maximization of corporate profits. The developer is asking to triple the amount of housing allowed on the site, which could triple the land value in the order of hundreds of millions of dollars. How much of that value the city recoups to fund affordable housing, and how much the developers keep as profits, depends on the political will of City Council. As it stands, however, only 50 of the 2,800 housing units proposed for Oakridge are planned to have below-market rents – that’s less than 2%.
There is unlikely to be much pushback from City Council. The Oakridge landowner is the Ivanhoe Cambridge Corporation, which cleverly hired the developer, Westbank, and architects, Henriquez Partners, to bring City Council on board with the plan. These firms are very close to the ruling party Vision Vancouver – having also collaborated on the Woodward’s redevelopment in the Downtown Eastside. It does not hurt that Westbank donated $12,000 to Vision’s electoral campaign last fall, and an equal amount in previous campaigns.