On Monday, following a public hearing, Surrey City Council granted third reading (conditional approval) to a new high-rise proposal set for the Guildford neighbourhood of Surrey.
The subject site of the proposal is a portion of 10611 150 Street (also known as 10675 150 Street), a 7.79-acre site that's located immediately south of Holly Elementary School and about three blocks north of the Guildford Town Centre shopping mall at the corner of 150 Street and 104 Avenue.
The site is currently occupied by a series of five low-rise apartment buildings called the Maple Place Apartments that's owned by Wall Financial Corporation (TSX: WFC). The buildings were originally constructed in 1973 and BC Assessment values the property, collectively as one legal parcel, at $51,708,000.
According to a City of Surrey planning report from late-October, demolition has begun on the building in the southeast corner of the site, along 150 Street, which is the site of the proposed tower.
For the site, Wall Financial has proposed a 36-storey tower that would reach a height of 361 ft. The tower would provide a total of 265 purpose-built rental units, consisting of zero studio units, 136 one-bedroom units, 64 two-bedroom units, and 65 three-bedroom units. The tower would also provide 230 vehicle parking spaces and 328 bicycle parking spaces both in a two-level underground parkade and above ground, and the project has a net floor area ratio of 4.5.
Of the 265 rental units, 217 will be provided as market rental units while the remaining 48 will be provided as below-market rental units. According to the City, the 48 below-market rental units are replacing the 48 units in the pre-existing building and will be rented at a maximum of 10% below current CMHC average rents for Surrey.
City staff also note that the redevelopment is actually not subject to the City's rental replacement policy, as a result of Wall Financial relocating tenants to other buildings or reaching Mutual Agreements to End Tenancy before they submitted their development application. Because of that, the City's tenant relocation policy also does not apply to this project.
Additionally, the City also notes that the housing agreement securing the 48 below-market units is for a period of 20 years, which is much shorter than the typical 40 or 60 years. "The applicant considers the 20 year term reasonable considering that all 265 units are secured rental," said City staff.
An overview of 10611 150 Street and the proposed tower in the southeast corner. / Wall Financial Corporation
As a result of all the units being proposed as rental units, the project is also exempt from the City's Tier 1 community amenity contributions (CACs), Tier 2 CACs, Affordable Housing Contributions, and Public Art Policy, barring a change in tenure.
City staff also note that although building podiums are required for towers under the Guildford Plan and Official Community Plan, the proposed tower does not include a podium.
"The applicant has provided design rationale for the proposed tower without a podium, that includes reduced building costs and materials, to support the proposed rental tenure of the building, and increased opportunities for ground level outdoor area designs and programming," said staff.
As part of the proposal, a public plaza will also be constructed north of the tower and will include a water-spray fountain, play equipment, lawn areas, and seating. Other residential amenities will include a dining room, lounge, gym, and study areas. According to the City, Wall Financial's proposal exceeds the minimum requirement for outdoor amenity space, but does not meet the minimum requirement for indoor amenity space, with the developer agreeing to a cash-in-lieu payment to address the shortfall.
It's unclear if and when Wall Financial plans on redeveloping the other buildings on the site, but application documents refer to the 36-storey rental tower as "Phase One" or "Tower One" of "Wall Centre Surrey."
