The lack of a cohesive plan is a missed opportunity for Vancouver’s long-term development
Miro Cernetig
Sun
The Vancouver waterfront is part of the development mega-boom that’s in the works. Photograph by: Bill Keay, PNG, Vancouver Sun
Don’t be fooled by the seeming lull in the city after the Olympics. Inside the offices of Vancouver’s developers, things are humming.
They’re working on multi-billion-dollar plans to fundamentally remake the city, a development boom that will unfold over the next few years and rival what happened after Expo 86. The skyline will never be the same.
Here are just a few of the projects on the drawing board: the re-roofing of BC Place ($458 million); an adjacent casino and hotel complex ($450 million); at least half-a-dozen residential towers ($1 billion); the possibility of a new art gallery ($200 million to $350 million); two major condo towers on the south end of the Burrard Street Bridge ($500 million); and, the latest I have heard about, the creation of a multi-billion-dollar transportation and commercial complex on the Burrard Inlet waterfront ($2 billion plus). Oh, and don’t forget a third phase of the Vancouver Convention Centre.
This doesn’t include, incidentally, the office towers proposed by the Aquilini Investment Group around GM Place or the major developments that are also going up in Surrey, Richmond and other municipalities. These all add up to another $1 billion or more.
It’s a breathtaking investment in real estate, one of the largest in Vancouver’s history. However, it raises a question that needs to be answered — now.
With between $5 billion and $10 billion in development being planned, most of it in the City of Vancouver, what exactly is the overall master plan? Is there a coherent architectural and economic development vision to ensure this building boom serves the public interest as well as the long-term economic health of the city and its developers?
Unfortunately, so far the answer is no.
All those projects — a mix of private and public investment, spread between private land holders, developers and a multiplicity of municipal, provincial and federal governments and agencies — have no overarching strategic vision to speak of. It’s an ad hoc building spree — and that’s a missed opportunity for this city’s long-term urban development.
Massive real estate developments undoubtedly create wealth. Government leaders, in partnership with the development industry, need to be sure they get a fair piece of those profits and amenities for tomorrow.
Consider the Vancouver Art Gallery. With a debate raging over whether it should be relocated or renovated, there is now an opportunity to raise funds for its development by trading building heights and density with developers.
It cries out for a public debate about where the VAG goes, given the city’s skyline is about to drastically change.
Could a new art gallery be built on Burrard Inlet, along with a new phase of the convention centre? If there’s going to be a multi-billion-dollar transportation hub built around Vancouver’s Marine Building, linking SkyTrain, the Canada Line and commuter rail, all just a few blocks from where the art gallery now sits, perhaps the VAG ought to just stay put.
This development mega-boom that’s in the works is ultimately a necessity for our growing city. The fundamental reality of this decade is that taxpayers are pretty much tapped out. The cash windfalls governments do get will increasingly come through partnerships with the private sector, including developers.
So if we’re going to get a new skyline, it may be time to think bigger. Why not start building higher? Adding extra floors and density means a greater opportunity for the city and province to rake in cash for amenities or even demand a larger share of the profits.
Consider the proposed casino. At the moment, the architectural drawings suggest two squat buildings, well below the height of the new stadium. Add extra floors and you won’t just have a more dramatic piece of architecture, supplying money for all the desired green attributes, but there will also be a larger hotel that will provide more revenue streams in the years ahead.
Like most politicians, Premier Gordon Campbell and Mayor Gregor Robertson want a legacy. It now appears it’s about to go up around them. Getting this mega-development right, taking the 10,000-foot view to extract full public value, is a job both of them need to sign up for.
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