Like many in Vancouver, residents in one of the most pleasing condo developments in the city are grappling with affordability concerns.
This much can be inferred from an application filed to redevelop the amenity areas of Shaughnessy Place 1 at 4900 Cartier Street.
The six-storey condo building is tucked in a park-like setting next to the VanDusen Botanical Garden.
The project aims to prevent steep strata fee increases and special levies in the future.
To accomplish this, the property’s in-house pub, squash court, two locker rooms, and two saunas will be converted into condos.
Four new condos are proposed to be built in the space currently occupied by these common amenity areas.
This will bring the number of condo units at Shaughnessy Place 1 from 76 to 80.
The four new units would be sold. The net proceeds will be placed in the strata corporation's contingency reserve fund.
“This is needed to enable successive Strata Councils to properly maintain and upgrade our very unique, high maintenance, 40+ year old building, together with its extensive common property, without the necessity of substantially increasing already high strata fees or having to continue imposing on owners ever increasing special levies to the point that many of our owners will find their homes no longer affordable,” according to a submission to city hall.
The application noted that the pub and squash court are two-storeys high, and that the project will require the installation of a new floor to align with the third level of the building.
The project does not require a rezoning, and needs only the approval of the city’s director of planning.
According to city hall, council has to agree first to a text amendment to the current zoning of the property for the additional building floor.
After a text amendment is granted, the city can proceed to other steps needed to allow the development.