Sylvie Paillard
[email protected]
Downtown businesses will benefit from a cash infusion of $4 million to $5 million once the Waterfront Landing development is complete, said Sam Hanson, managing partner of the Pridham Development Inc., owners of the former Interfor lands.
During the monthly Chamber of Commerce luncheon Tuesday (March 21), Hanson said that the anticipated cash will come from the new 3,500 Waterfront residents spending just $200 a month downtown, less that 10 per cent of normal retail expenditures. And that's just the beginning of Squamish benefits, he said.
While today's taxes on the empty 53-acre property total $100,000, when the Waterfront is complete, taxes will amount to $1.4 million annually. And in the meantime, one third of the $300-million project will be spent on labour, much of it locally. Additional costs to go the district, such as building permits and development cost charges, is expected to total $8 to $10 million. "The project is ready to go," said Hanson. "We don't need preload, there are no environmental issues."
Pridham is currently hashing out project details with the district and developers are hoping to begin installing services on the site by the fall of this year. The project will include 1,400 units of multifamily homes that will range in size and price, said Hanson. The plan is meant to incorporate multifaceted sustainable concepts with regards to green space, public use, lessening urban sprawl and promoting a "physical and psychological extension of downtown," according to Waterfront Landing newsletters.Open space in the form of a public park and integrated trails is about 30 per cent of the 53-acre site. The public space includes a tidal saltwater lagoon that is meant to provide new fish habitat and offer recreational use to canoes and kayaks. The lagoon will have a pier on opposing ends, and the tides will determine when water flows through and when water sits stagnant. Hanson said that planners have even envisioned aquabuses crossing the Mamquam Channel, like the ones seen at Granville Island in Vancouver.Pridham Development has submitted a sub area amendment plan for the industrial property as well as a rezoning application. The planners are meeting with district staff "regularly" as well as with various local stakeholders "to gain support for the program," said Hanson. The company will hold a public information meeting in early April. It's the third such meeting Pridham has held since June 2005. Developers anticipate putting the plan before council in April for a first and second reading. They anticipate a third reading and granting of the rezoning application in May.
"Given that," said Hanson, "we should be ready to put the shovel in the ground this year."
