Bosa Development is the new owner of a prime piece of local real estate.
Larco Investments, the longtime owner of the property located on the waterfront at 660 Quayside Dr., recently sold the site to Bosa Development. The site is located between Westminster Pier Park and Fraser River Discovery Centre.
“I actually think it’s exciting news for the city,” said Mayor Jonathan Cote. “The Larco parking lot has started to fall into disrepair. I think the long-term vision to have some residential development and expand Westminster Pier Park on that site is a city objective.”
In 2013, the city initiated a new master plan for the site that included three highrises (ranging from 25 to 45 storeys in height), a new 0.8-hectare (two-acre) park, an extended waterfront esplanade, more open spaces with view of the Fraser River, a 150-room hotel and space for a daycare. Prior to rezoning the site in 2014, Larco was permitted to build five highrises.
“I think the sale of the property to Bosa is probably to a development company that is more likely to move ahead with the project, compared to Larco,” Cote said. “Larco, traditionally, will be landholders and hold properties for long periods of time, and they have done that with this site. Bosa more consistently, when they buy a site they generally do have intentions to move forward with the project.”
The Record could not reach Bosa representatives before deadline for comment about their plans for the site.
Because the sale only recently took place, Cote said the city and Bosa have only had preliminary discussions about the site.
“We are looking for the objectives that were achieved through the downzoning that occurred a few years ago, in terms of having the parking underground – to us that’s critically important, the expansion of the park space and a number of the amenities there,” he said. “We have been upfront from the beginning that those components of the new plan are absolutely essential. I know Bosa is going to be having a look at the project to see how they can fit it and make it work. I actually think it’s going to be an exciting project that is going to be an important piece of the puzzle for our waterfront vision but also for downtown revitalization.”
Cote said the vision for the site that was part of the 2014 rezoning is still important to the city.
“Definitely from the city’s objective, reducing the number of towers, because this was once zoned for five towers, the city always saw that as a positive. I certainly wouldn’t see us moving in the other direction,” he said. “I think the vision is still something the city wants to achieve. I think to make the project a reality we will obviously have some conversations about what their architects and their development team would like to see to have that project move forward.”
Because Bosa wasn’t involved in the rezoning process, Cote anticipates the company will look at the master plan’s details and want to have a conversation about the site.
“From what we have heard they are actively looking at the site, having their architects looking at the site and are anxious to initiate discussions with the city and move to the next stage and development process,” he said. “I don’t have a timeline at this point but they do seem like they are very interested to at least start the process to move that project along.”
