Latest news with #CrombieREIT
Yahoo
16 hours ago
- Business
- Yahoo
Vancouver council approves controversial Commercial Drive rental tower project
Vancouver city council has voted to approve the rezoning of a site near the Commercial-Broadway SkyTrain station, which is set to add more than 1,000 housing units across three towers. Westbank Projects Corp. and Crombie REIT, on behalf of Snowcat Property Holdings, brought forward the proposal in 2023 to redevelop the site at 1780 East Broadway, which presently houses a Safeway supermarket and a car park. There have been proposals to redevelop the site as far back as 2019, and now that rezoning has been approved, the controversial rental towers will proceed as planned. They range in height from 36 to 43 storeys in an area that consists mostly of single-family homes, duplexes, low-rise apartments and retail buildings.A marathon public hearing saw over 100 people talk to council about the project, with critics saying the tall towers would lead to inflated property values in the area and that they would not be affordable for a majority of Vancouverites. Ultimately, however, a majority of councillors voted in favour of the project, particularly talking up an accompanying retail space — including a grocery store, office and commercial space, a city-owned child-care facility, and a public plaza running parallel to the SkyTrain station. "I don't want to see this site remain undeveloped for another 10 or 20 years," Coun. Lucy Maloney said. "I want to see a surface car park replaced with over 1,000 homes." The units will be built across the three towers. Ten per cent of them will be secured at city-wide average rental market rates and the other 90 per cent listed at prices of the developer's choosing. Maloney acknowledged that many speakers at the public hearing expressed concern about the affordability of the housing, but said "if this project fails, there will be no affordable homes at all." Coun. Sean Orr said he thought using city-wide average rents for the 10 per cent of more affordable units was flawed, given how sky-high rents are in Vancouver. "We need rental units, but I'm worried that we are giving the developer double the height and we're not seeing the full public benefits that we could be seeing at the site," he told council. Orr was the only councillor who voted against the proposal, with Coun. Pete Fry abstaining and Coun. Brian Montague absent. Application under community plan The application was considered under the Grandview-Woodland Community Plan. A referral report from city staff notes that the application "exceeds the anticipated height and density expected in the plan," but "otherwise generally meets the intent of the plan." Proponents of the plan argued that the city was in dire need of rental spaces, with one advocate even playing the accordion in city council during the public hearing to encourage councillors to vote in favour. "There's zero displacement of renters. It's mostly just a parking lot," said advocate Peter Waldkirch in a statement. However, the megatowers also faced sharp criticism. Speaking against the proposal, nurse Nancy Hay asked council to vote for rezoning applications guaranteeing at least 20 per cent below-market rental units, saying that many of her coworkers in the health-care sector could not afford to live in Vancouver due to skyrocketing rents. "I wonder if these monoliths, these proposed monolith towers, are going to house workers ... who are these workers going to be?" she asked. "They will not be my coworkers — health-care workers, lab technicians, respiratory therapists, occupational therapists, to name a few occupations ... the proposed rent, as you've heard, is way too expensive."
Yahoo
4 days ago
- Business
- Yahoo
CROMBIE REIT ANNOUNCES JUNE 2025 MONTHLY DISTRIBUTION
NEW GLASGOW, NS, June 16, 2025 /CNW/ - Crombie Real Estate Investment Trust ("Crombie") (TSX: today announced a distribution of $0.07417 per unit for the period from June 1, 2025, to and including June 30, 2025. The distribution will be payable on July 15, 2025, to Unitholders of record as at June 30, 2025. About Crombie REIT Crombie invests in real estate with a vision of enriching communities together by building spaces and value today that leave a positive impact on tomorrow. As one of the country's leading owners, operators, and developers of quality real estate assets, Crombie's portfolio primarily includes grocery-anchored retail, retail-related industrial, and mixed-use residential properties. As at March 31, 2025, our portfolio contained 303 properties comprising approximately 18.8 million square feet, inclusive of joint ventures at Crombie's share, and a significant pipeline of future development projects. Learn more at SOURCE Crombie REIT View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
11-06-2025
- Business
- CTV News
East Vancouver Safeway redevelopment approved despite affordability concerns
A rendering of the towers proposed for a site in East Vancouver. (Credit: Perkins & Will architects) A plan to build more than 1,000 units of rental housing on the site of an East Vancouver Safeway got the greenlight from city council Wednesday – despite concerns that none of the units will be affordable. Rezoning of the site adjacent to the Commercial-Broadway SkyTrain station was approved by a majority after a public hearing that saw over a thousand written submissions and drew hundreds of speakers. The approval marks an end to a years-long back-and-forth over plans to build housing near the busy transit hub. Coun. Peter Meiszner, with the mayor's majority ABC party, voted for the project. Explaining why, he echoed the sentiment of its proponents – namely that finally building a 'significant' number of new rentals on a site currently occupied by a grocery store and a parking lot would be a net positive. 'Would I like to see more affordability? Yes. But right now, there's no affordability on the site because there's no homes on the site,' he said. 'So, I think, on balance, that this project is supportable.' The current iteration by developers Westbank Projects Corp/Crombie REIT calls for three towers of 44 storeys, 38 storeys and 37 storeys, respectively. None of the 1,044 rentals will be affordable or below-market. To be classified as affordable, rent for a unit must not exceed to 30 per cent of household income. A below-market rental is one that is 10 per cent less than the average rent reported annually by the Canada Mortgage and Housing Corporation. The developers of this project are proposing 10 per cent of the units will be 'secured at city-wide average market rents' based on CMHC data for the year in which the occupancy permit is issued, according to the report. Coun. Pete Fry, with the Greens, abstained from Wednesday's vote. A number of other recently approved projects that bring significant density, he noted, have pledged to deliver 20 per cent below-market units. 'We've driven all these projects to deliver on public benefits and affordable housing, and this particular project represents a shift away from those expectations that we've opposed on all those other developers,' he said. The median income in the Grandview-Woodland neighbourhood is around $55,000, Fry said. The rental rates provided as examples in the staff report on the development said the 'average household income served' would range from around $65,000 for a studio to $141,000 for a three-bedroom, if the units were rented out this year. 'We're not delivering the affordability for people who need it,' Fry said. 'I can't give this project my support.' The lone councillor who voted against the rezoning was COPE's Sean Orr, who voiced similar concerns over a lack of affordability. 'We do need homes here, but we need bold action,' he said. In addition to the rentals, the development will include a replacement grocery store, additional ground-level retail spaces, a city-owned daycare, and a public plaza.
CBC
11-06-2025
- Business
- CBC
Vancouver council approves controversial Commercial Drive rental tower project
Vancouver city council has voted to approve the rezoning of a site near the Commercial-Broadway SkyTrain station, which is set to add more than 1,000 housing units across three towers. Westbank Projects Corp. and Crombie REIT, on behalf of Snowcat Property Holdings, brought forward the proposal in 2023 to redevelop the site at 1780 East Broadway, which presently houses a Safeway supermarket and a car park. There have been proposals to redevelop the site as far back as 2019, and now that rezoning has been approved, the controversial rental towers will proceed as planned. They range in height from 36 to 43 storeys in an area that consists mostly of single-family homes, duplexes, low-rise apartments and retail buildings. WATCH | Long public hearing for redevelopment: Long-awaited Commercial Drive tower development faces city hearing 1 month ago Duration 1:27 A decision on one of Vancouver's most valuable pieces of real estate is finally happening. The Safeway next to the Commercial-Broadway SkyTrain station has been the site of speculation for years. CBC's Justin McElroy breaks down why a conceptual debate about the land is about to get a lot more real. A marathon public hearing saw over 100 people talk to council about the project, with critics saying the tall towers would lead to inflated property values in the area and that they would not be affordable for a majority of Vancouverites. Ultimately, however, a majority of councillors voted in favour of the project, particularly talking up an accompanying retail space — including a grocery store, office and commercial space, a city-owned child-care facility, and a public plaza running parallel to the SkyTrain station. "I don't want to see this site remain undeveloped for another 10 or 20 years," Coun. Lucy Maloney said. "I want to see a surface car park replaced with over 1,000 homes." The units will be built across the three towers. Ten per cent of them will be secured at city-wide average rental market rates and the other 90 per cent listed at prices of the developer's choosing. Maloney acknowledged that many speakers at the public hearing expressed concern about the affordability of the housing, but said "if this project fails, there will be no affordable homes at all." Coun. Sean Orr said he thought using city-wide average rents for the 10 per cent of more affordable units was flawed, given how sky-high rents are in Vancouver. "We need rental units, but I'm worried that we are giving the developer double the height and we're not seeing the full public benefits that we could be seeing at the site," he told council. Orr was the only councillor who voted against the proposal, with Coun. Pete Fry abstaining and Coun. Brian Montague absent. Application under community plan The application was considered under the Grandview-Woodland Community Plan. A referral report from city staff notes that the application "exceeds the anticipated height and density expected in the plan," but "otherwise generally meets the intent of the plan." Proponents of the plan argued that the city was in dire need of rental spaces, with one advocate even playing the accordion in city council during the public hearing to encourage councillors to vote in favour. "There's zero displacement of renters. It's mostly just a parking lot," said advocate Peter Waldkirch in a statement. However, the megatowers also faced sharp criticism. Speaking against the proposal, nurse Nancy Hay asked council to vote for rezoning applications guaranteeing at least 20 per cent below-market rental units, saying that many of her coworkers in the health-care sector could not afford to live in Vancouver due to skyrocketing rents. "I wonder if these monoliths, these proposed monolith towers, are going to house workers ... who are these workers going to be?" she asked. "They will not be my coworkers — health-care workers, lab technicians, respiratory therapists, occupational therapists, to name a few occupations ... the proposed rent, as you've heard, is way too expensive."
CBC
16-05-2025
- Business
- CBC
Controversial Commercial Drive tower development discussed at public hearing
Social Sharing A controversial plan to redevelop the Safeway location on East Broadway near Commercial Drive is being discussed at a public consultation at Vancouver city council Thursday night. Redevelopment at 1780 East Broadway has been in the works for years with a number of past rezoning applications and withdrawals, city planner Simon Jay said at the beginning of Thursday's public hearing. Westbank Projects Corp/Crombie REIT, on behalf of Snowcat Property Holdings Ltd. has applied to build three purpose-built rental towers, ranging in height from 36 to 43 storeys, near the Commercial-Broadway SkyTrain station. WATCH | Commercial Drive tower development faces city hearing Long-awaited Commercial Drive tower development faces city hearing 7 days ago Duration 1:27 A decision on one of Vancouver's most valuable pieces of real estate is finally happening. The Safeway next to the Commercial-Broadway SkyTrain station has been the site of speculation for years. CBC's Justin McElroy breaks down why a conceptual debate about the land is about to get a lot more real. The proposed towers would have more than 1,000 rental housing units, with units equal to 10 per cent of the residential floor area available at below-market rent. The plan also includes retail space, including a grocery store, office and commercial space, a city-owned child-care facility, and a public plaza running parallel to the SkyTrain station. Zakir Suleman with the community group No Towers at Safeway told CBC's The Early Edition last month that the proposal doesn't do enough to address the city's housing crisis. "I think that developers who stand to make a significant profit should be paying their fair share back," Suleman said. "So this proposal as it stands, it doesn't build affordability in the neighbourhood. It barely builds community amenities." Adam Abti, who grew up in the area, said he supports the towers. "The more housing we have in general, the more supply and the lower the price," Abti said. "So it's better for everyone." The application is being considered under the Grandview-Woodland Community Plan. A referral report from city staff notes that the application "exceeds the anticipated height and density expected in the plan," but "otherwise generally meets the intent of the plan." The report also notes that the proposed towers would add more than 1,000 rental units without displacing any existing residential tenants. City council will vote on whether to proceed with the plan following the public hearing.
