STIRing up the West End: 1215 Bidwell Case Study

www.westendneighbours.caTown Hall Meeting, Coast Plaza Hotel, Comox Street, April 22, 2010

1201-1215 Bidwell St & 1702-1726 Davie• Heritage building: Maxine’s Hideaway cabaret

• Bargain site to buy, due to heritage restrictions

• Inexpensive fruit market & restaurants

1930’s

SoonNow

• Approved Dec. 15, 2009

Maxine’sHeritage Building

• First STIR project

• 1 & 2-storey façade on 19-storey glass tower

1930’s

SoonNow

• Approved Dec. 15, 2009

Maxine’sHeritage Building

• First STIR project

• 1 & 2-storey façade on 19-storey glass tower

If Developed within West End Zoning

• Entire heritage building could be kept

• 3.6 times existing buildings

• Max. FSR 2.2 (38,047 ft²)

• 3 storeys

• New FSR: 3.4 (58,659 ft²)

• 4 more floors (7 total)• New FSR: 3.4 (58,659 ft²)

• 4 more floors (7 total)

Bidwell Heritage Demolition Density Bonus

• Heritage Bonus: 54%

• 1.2 FSR (20,612 ft²)

• Land value lift $2.7 million• West End would normally get ~$2 million

• for community amenities

• Demolish heritage building• keep only façade

• But developer keeps

• reward for keeping façade

• New FSR: 3.4 (58,659 ft²)

• 4 more floors (7 total)• New FSR: 3.4 (58,659 ft²)

• 4 more floors (7 total)

Bidwell Heritage Demolition Density Bonus

• Heritage Bonus: 54%

• 1.2 FSR (20,612 ft²)

• Land value lift $2.7 million• West End would normally get ~$2 million

• for community amenities

• Demolish heritage building• keep only façade

• But developer keeps

• reward for keeping façade

• 12 more floors (19 total)• New FSR: 6.27 (108,407 ft²)

• 12 more floors (19 total)• New FSR: 6.27 (108,407 ft²)

Bidwell STIR Density Bonus for Rentals

• 49 tiny rentals on bottom 4 floors (41 studios; 8 1-bed; avg. 435 ft²)

• STIR Bonus: 131% 2.9 FSR (49,785 ft²)

• 15 floors for 98 condos(41 studios; 23 1-bed; 29 2-bed)

Bidwell STIR Density Bonus for Rentals

• Land value lift ~ $6.5 million

• Property taxes loss $840,000

• West End would normally get ~$4.8 million for amenities

• STIR gives to developer

• West End loss ~$5.6 million

1215 Bidwell Heritage & STIR Subsidy

• Developer subsidy (West End loss) ~$7.7 million

• $160,000/rental apt.

• Land value lift for heritage & rental ~$9.3 million

• Land value lift for heritage & rental ~$9.3 million

New Heritage Property ‘Maxine’

Northwest ElevationSouthwest ElevationBidwell Elevation Davie Elevation

Is this 1930’s Mission Revival Architecture?

• West End needs an Official Development Plan • to stop spot rezoning• building mistakes last 100 years

• Residents need to be involved at inquiry stage & in negotiation of benefits & tradeoffs

Lessons Learned• Developers & City share common goal to increase

density• more profit• increased tax base

• City indicates support at rezoning inquiry stage

• Without ODP entire West End can be rezoned site by site

Lessons Learned• More profitable to rezone & demolish heritage

properties

• STIR will increase property taxes & accelerate rent increases

• Wooden buildings better for environment than concrete, steel & glass buildings

• Nobody knows the optimum density

• Population increases speed pollution & global warming

• Vacancy rates increased 420% from Oct 2008 (0.5%) to Oct 2009 (2.1%) without STIR

• Rent increased 4.1% from $937 to $975/month

Development OptionsWith STIR• Subsidize developer

• Expensive new market rentals• Lost community amenities & deteriorating

services• Property tax & rent increasesWithout STIR• Condominiums within current zoning, density &

height• Developers pay for community amenities &

services