Vancouver is developing a plan to weaken the impacts of real estate speculation along the route of the Millennium Line Broadway Extension.
The city of Vancouver, British Columbia is working on plans to help mitigate the impact of the planned Millennium Line Broadway Extension Project (i.e., the Broadway subway) on the local housing market.
According to an article by Charlie Smith, the city is looking for tools that curb speculation along the route, to preserve affordable and rental housing as well as high-employment uses. A report is expected layer this month.
"The city’s announcement [of the report] comes after at least 19 sites along West Broadway have changed hands since December 2016, including some locations west of Arbutus Street, according to a recent report by commercial realtor Avison Young," writes Smith.
The Great Northern Way stop on the planned route is located adjacent to a massive tract of industrial-zoned land known as False Creek Flats. "A draft plan released last year by the City of Vancouver forecast 3,000 new homes in the area. False Creek Flats will also be home to the new St. Paul's Hospital, which is being built on Station Street near the train station," reports Smith.
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