PORT COQUITLAM, BC - July 26, 2023... Strategic property redevelopment is enabling Port Coquitlam to maintain control over the roll-out of its downtown vision and keep the public's interest front-and-centre.
The City has been gradually acquiring key properties as part of the revitalization of Port Coquitlam's iconic downtown, which includes strategic redevelopment of public spaces and private properties to create an attractive, welcoming destination for visitors and residents and an economic driver for the whole community.
"On behalf of our citizens, it's important that the City retains direction over the kinds of new businesses, services and housing that come through our downtown revitalization," Mayor Brad West said. "We're leading the way by renewing our Civic Centre and other public assets, and by taking a direct role in the redevelopment of strategic properties to make sure they align with our downtown vision and deliver what our community wants. These are important investments in Port Coquitlam's future."
The vision for Port Coquitlam's downtown is for a vibrant, pedestrian-friendly, safe and welcoming commercial and residential zone, with strategic redevelopment that retains the area's charm and heritage while supporting thriving businesses and attracting people to the downtown to live, shop, socialize and celebrate.
City ownership of select properties will ensure public control over how the downtown redevelops, while also generating potential future revenue through leases and/or sales.
Current City holdings in the downtown include 2263 McAllister Ave. (current home of PoCo Bowl), 2604-2608 Shaughnessy St., 2283-2285 McAllister Ave. (mixed commercial, corner of McAllister), 2616 Shaughnessy St. (vacant commercial), 2620-2636 Shaughnessy St. (pop-up park), and 2275-2277 and 2288 Elgin Ave. (mixed commercial). The City also leveraged its former parking lot on McAllister Avenue for about 15,000 sq. ft. of commercial space in The Met commercial/residential project.
Port Coquitlam is receiving advice, property management and realtor services for its downtown holdings, to conduct a study exploring the development opportunities and options available.
On Tuesday, Council approved borrowing up to $25.2 million from the Municipal Finance Authority (MFA), a low-interest lender for municipalities, for the purchase of strategic lands in the downtown for redevelopment.
The loan is to be paid back within five years and is not expected to directly affect taxpayers; principal and interest are expected to be funded through the Land Sale Reserve which receives funds from the sale of surplus City lands.
Over time, Council will provide direction for the future mixed commercial and residential redevelopment. There are no current timelines, given a variety of variables such as market timing, construction costs and overall downtown planning.
"We're encouraged by the positive attention and interest our downtown revitalization is generating," noted Cllr. Dean Washington, Council's designate for downtown matters. "We've been fielding a lot of interest from potential businesses and investors who want to be part of the transformation of our downtown."
Civic Centre Project Proceeds
Port Coquitlam's Civic Centre renewal project continues, with construction fencing around Leigh Square coming in the next couple of weeks and construction starting in August on a major update of the Leigh Square plaza and celebration space, including an open and accessible design, extension of Donald Pathway, new performance area, lighting, seating and other features.
Leigh Square was last updated in 2007. The improvements, which will take about a year to complete, build on other City upgrades that support the downtown revitalization, including the refurbished Veterans Park, updated McAllister Avenue streetscape and new Port Coquitlam Community Centre (PCCC).
The City has begun working with area businesses, residents and event organizers to identify and mitigate impacts from the construction project, including access and parking.
Once fencing goes up in the next couple of weeks, access to parking will no longer be available between City Hall and the bandshell. Accessible parking will be made available off of Donald Street between City Hall and the Outlet and in the 2200 block of Leigh Square Place off of Shaughnessy Street.
Information about the Civic Centre updates and downtown revitalization project and parking map can be found at portcoquitlam.ca/downtown.
More Housing Considered for McAllister AvenueAs part of achieving the downtown vision, Council gave the first two readings this week to a rezoning bylaw to enable a sixth storey with 17 more units at The Met, Quarry Rock Developments' commercial/residential project under construction at 2245 McAllister Ave.
The rezoning application, which goes to public hearing Sept. 12, would change the current Community Commercial zone to Comprehensive Development in order to add the sixth storey, bringing the total units to 80.
If approved, the Quarry Rock would pay $712,290 to the City's Community Amenities and Special Needs Housing Reserve funds for the increased density. In addition, the developer would pay $1,080,000 in lieu of 27 parking spaces, based on the City's downtown parking supply report, the project's proximity to transit and services, and plans for a car share program, bicycle amenities and one-year transit pass for residents of The Met.
No changes are proposed for the ground-floor commercial space, plaza and other site works.
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Media Contact
Ximena Ibacache
Manager of Communications & Administrative Services
City of Port Coquitlam
Tel 604.927.5499
Email [email protected]