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Madison Pacific Properties Inc T.MPC

Alternate Symbol(s):  MDPCF | T.MPC.C

Madison Pacific Properties Inc. is a Canada-based company, which owns, manages and develops commercial real estate assets. These industrial, retail, residential and office assets are located in British Columbia, Alberta and Ontario. The Company’s investment portfolio comprises 55 properties with approximately 1.9 million rentable sq. ft. of industrial and commercial space and a 50% interest in seven multi-family rental properties with a total of 219 units. Approximately 91.25% of available space within the industrial and commercial investment properties is leased and within the multi-family residential properties, 98.2% is leased. Its development properties include a 50% interest in the Silverdale Hills Limited Partnership which owns approximately 1,405 acres of primarily residential designated development lands in Mission, British Columbia. Its portfolio includes 1919 W 8th Vancouver, British Columbia and 1873 Adanac St. Vancouver, British Columbia.


TSX:MPC - Post by User

Post by undervalueon Jan 12, 2024 1:02pm
160 Views
Post# 35823922

Work grinds on.

Work grinds on.This will be up this year, 103 units. Madison descibes the 50% ownership of the South Nelson JV. in the AIF.
These homes are south on Nelson, so I must assume this is it.
The proposal again, is dense. Way above provincial standards. It passed first reading on Monday 5 to 2.
Council wants more design detail at the next stages.
Value? probably 10 million for MPC when all done.


The development site is designated as Suburban Residential in the Official Community Plan (OCP). The Suburban Residential designation envisions larger lot residential units on the fringe of urban area serviced by municipal water. The intent of this designation is to serve as a transition between urban sized lots and rural residential property. The land uses envisioned within the Suburban Residential designation include single detached residential, residential with accessory units, home occupation, live/work and small-scale agriculture. The minimum lot size for lands designated Suburban Residential is 0.1 ha when serviced by city water.  The applicant is requesting an amendment from the Suburban to the Attached Multi-unit Residential OCP designation to allow for the development of townhouses. The applicant’s intent is to construct approximately 103 townhouse units. The proposal to allow townhouse units does not fit with the overall character of the suburban designated lands and it erodes the buffer that good planning provides with a transition of housing types from higher to lower density by introducing a higher density housing form on the fringe of the suburban lands.  As part of this amendment request, the applicant has volunteered to dedicate approximately 1.67 ha of undevelopable environmentally and geotechnically sensitive lands, on the western half of the site, to the City. These lands will be designated Environmentally Sensitive Area in the OCP. The applicant’s rationale for the requested OCP amendment is described on Attachment B.  
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