I have been tardy on Ask Pats. I have this other project going on, and have taken the Ask Pat thing analogue a bit to reach more people. However, there are a few in the queue here, and I am going to spend a bit of my Thanksgiving weekend trying to get caught up. Enjoy!
In an archived memo back in 2016 you posted this regarding the future study of Bent Court.
Bent Court: This area is interesting, a mixed residential and commercial district that is zoned for high-rises, although it is unlikely that anyone would build to that scale here. Staff is recommending a special approach here that can incentivize the preservation of the heritage homes, whether they be used for residential or commercial.
Can you help clarify why it is unlikely that ” anyone would build to that scale here”
Bent Court is a bit of an anomaly. The comment you hearken back to was part of the OCP discussions, where we recognized a few areas in the city that didn’t fit into a bigger area-wide picture very well. The West End and Massey Victory Heights are pretty internally homogeneous, but areas like Lower Twelfth Street and Bent Court are not easily defined, nor is it clear what land use will be most successful there.
Bent Court is mostly a collection of heritage-aged houses, many of them converted to some sort of commercial use. They are immediately adjacent to the uptown commercial area, but also serve as a buffer to the residential areas of Brow of the Hill. There is currently one project being (slowly) built on this site where a heritage house is bring preserved and a 6-story residential building is being built. Even they project caused us some challenges, as determining what a full compliment of parking should be for an area like this that is walkable, but not that close to SkyTrain is a difficult estimate. Street parking can sometimes be at a premium, but many of the apartment buildings nearby have largely underutilized parking. Alas… parking…
My thought in that statement about building to full high-density at Bent Court (in C-3 Zoning, this means Floor Space Ratio of over 5, mixed-use commercial at grade, residential above) was my own feeling that the economics and difficulty of assembling land to make it happen make it unlikely in the current market. Each of the lots is worth more than $1 Million now, to build to the scale of the adjacent mixed-use towers, one would have to assemble a dozen properties. Some (or most) of these properties have some potential heritage value (which adds some uncertainty to the approval process), and are currently returning commercial lease rates that make them economically viable as they are.
That said, there is a lot of development going on right now across the region, and I am not a land economist, so I may not be reading the market well. Not long after I wrote that statement, a real estate company put signs up suggesting land assembly and high rise development are viable options. That doesn’t mean it is going to happen, nor has there been an application for any kind of rezoning or development permit arrive at Council, nor is it clear how staff, Council, or the community would approach such an application. A Bent Court Area Study is planned for 2019 as part of the ongoing OCP Implementation Plan, and this will provide a little more robust economic analysis than my speculations above. Stay tuned, because there will no doubt be opportunities for community input at that time.
I could imagine Bent Court as a pretty special place. Co-op ownership, preserve the heritage houses, convert them to live/work units where artists can set up studio space and live on their studios, add a few food and drink opportunities and some clever marketing, and it could become a unique mini-artisan village of regional importance. However, one doesn’t have to be a land economist to recognize at a million dollars a lot, it would be neigh impossible to make this work unless one had small fortune to dig into… any patrons out there?