Economic crisis slows down massive Coquitlam land redevelopment

Business in Vancouver is reporting that development of the massive 89-acre Fraser Mills site in Coquitlam has been pushed back another year. The target date is now set at 2011.

According to BIV:

  • The 89-acre project in Coquitlam received final approval for its neighbourhood plan from city council last month, but not a lot of resources had been committed to the project prior to the economic crisis.
  • When completed, it will include 13 highrises, 3,700 residential units and more than 800,000 square feet of commercial and industrial space.

As readers know, the issue of what goes on industrial land is always a tricky one. This project appears to be no exception.

The BIV report highlites concerns that the Vancouver Fraser Port Authority (VFPA) is raising about putting residential properties on such a valuable piece of industrial land. Tim Horsie, vice-president of infrastructure development for the VFPA is quoted as saying “I have continually…issued the opinion this should all be industrial land.”

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