Downtown Vancouver to See Less Residential Develpment!
January 19th, 2009
Photo Courtesy of: SqueakyMarmot
Looks like the city is planning to slow or even stop residential development in the Core/Financial district of downtown Vancouver. The idea is that it will help spur more commercial or office development which has been moving away form downtown due to lack of space and high cost.
Personally I this makes sense in general. There is already an abundance of residential condos downtown and this may help keep values up for them, as well as give more people a reason to want to live downtown.
Of course taking a extreme position on anything is often a little much. I think what makes the most sense is to plan ahead for a mixture of development types to achieve the desired outcome. The problem is that over the past number of years things have been heavily weighted to the residential tower developments so now the city want to go to the other extreme to counter the effects. This may make sense in the short term but I hope they plan for a better mix sooner than later and then we may not have to swing back and forth between extremes over and over again.
Read more about the cities plans at “Proposed zoning changes favour commerce over condos” at straight.com.
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