721-739 Smith Av 1.02 Acres of Commercial Land in Coquitlam, BC V3J 2W8

Legislation from the Province of British Columbia (Bill 47) regarding TOAs (Transit Oriented Areas) was introduced on December 7th, 2023, with June 30th, 2024 slated as the first deadline regarding municipal bylaw adherence. Prospective Purchasers are invited to submit offers through London Pacific on the Vendor’s preferred form of offer.
The subject site has been designated RM-2 Medium Density Apartment Residential. RM-2 zoning allows for 50% site coverage of buildings that are a permitted height of three (3) storeys and to a maximum of 1.4 FSR, both in Traditional Row Townhouse form w/ underground parkade or Stacked Townhouse form w/ underground parkade. The City of Coquitlam has considered Lock-Off Suites to be permitted as part of Townhome developments within the municipality, with additional precedent being set for potential variances to four (4) storeys from the permitted three (3).
Recently, the Province of British Columbia introduced new legislation to establish transit supportive densities adjacent to transit stations. This Transit Oriented Development policy, also known as Bill 47. BURQUITLAM STATION OVERVIEW
• TOAs are geographic areas within a prescribed distance from a transit station. Each prescribed area is broken into Tiers, which establish the location of applicable minimum densities.
• Within TOAs, with respect to land zoned to permit any residential use or another prescribed use, local governments are required to adhere to minimum densities when amending a zoning bylaw.
• Tier 3 encompasses a gross land area of 150 ha within 400-800m from the station.
• TOAs tier 3 encompass either a 400 metre (m) to 800m radius around a transit station, which constitutes a 5 or 10-minute average walking distance, respectively.
• TOAs provide a diversity of housing options, offer access to a variety of amenities and services, support local business and employment opportunities, and enable greater mobility options. This form of development achieves a highly efficient use of land and infrastructure.