Big Approval in CoquitlamThis project is a short block away from the Rona site redevlopment JV that MPC is 50%.
Coquitlam city council has approved its largest-ever residential development, which will boost the city’s multifamily housing stock by 20 per cent when completed.
A total of 18 towers are planned for two sites in the City Centre neighbourhood in master plans that, at build-out, will house up to 15,000 residents.
Following a Sept. 26 public hearing that drew two speakers, Coquitlam council unanimously greenlit second and third rezoning readings for TriCity Central, a Marcon Quadreal Lands project for the southeastern corner of Lougheed and Barnet highways.
Once a former dealership and industrial location, the assembled properties at 2954, 2966 and 2976 Pheasant St., 2960 and 2968 Christmas Way and 2950 Lougheed Hwy. will see:
- six market condo towers with about 3,000 units
- two purpose-built rental towers with about 1,000 units
- a 27-storey office and hotel building with 150 hotel rooms and a conference centre
- 532,000 sq. ft. of commercial space
- a childcare facility
Five high-rises will go up in Phase 1 while another four will be built in Phase 2, with a full build-out estimated at between 10 and 15 years, said Nic Paolella of Marcon, the developer behind many residential projects in the Tri-Cities and Metro Vancouver.
Coquitlam’s multifamily housing stock as of August 31 stood at 20,416 units. Marcon Quadreal’s project will boost that number by 20 per cent. The 4,000-plus units at TriCity Central are than double an average year's approval volume, city staff told Western Investor.