Modification Conditions of Approval 1616-1698 West Georgia

Motion 10 · Council Meeting, June 13, 2023

On Consent Location 1616-1698 West Georgia Street

Summary

Concerns a 33-storey, 127-unit market strata residential building approved for 1616–1698 West Georgia Street, for which a $26.1 million Community Amenity Contribution (CAC) was negotiated to support the West End Public Benefits Strategy.
The CAC was structured in two payments: $15.66 million (60%) paid prior to rezoning enactment in April 2022, and a remaining $10.44 million (40%) outstanding balance due at first building permit issuance or within 24 months of enactment.
The applicant is requesting that the outstanding balance trigger be shifted from the Stage 1 (excavation and shoring) building permit to the Stage 2 (foundations to grade) building permit, citing market uncertainty due to rising interest rates and unprecedented hard cost increases.
The 24-month outside payment deadline of April 25, 2024 remains unchanged, meaning the City's ability to collect the full CAC is not materially affected.
The City's Risk Management Committee reviewed and recommended acceptance of the modification on a one-off basis; it does not change the City's broader CAC policy on deferred contributions.
Staff conclude the modification supports timely housing delivery while ensuring the outstanding CAC balance is secured through existing legal agreements, covenants, and financial securities.