Taking inspiration from Vienna, City of North Van council unanimously green lights 48-unit rental project with five below-market units. Graphic Supplied by City of North Vancouver
July 18th, 2018
Jeremy Shepherd, North Shore News
Shortly after discussing the role Austria’s communist party played in establishing Vienna’s stock of subsidized rental housing; City of North Vancouver council got around to the development on the table.
The project has a floor space ratio – which measures a building’s total floor space against its lot size – of 2.6, making it as dense as possible according to city guidelines. Rather than pay the city approximately $1.96 million for more than 14,000 extra square feet of floor space, the applicant offered to make the project 100 per cent rental and include five units rented at 10 per cent below market rates for at least 10 years.