Coun. Jonathan Cote would like the City of New Westminster to place a moratorium on the conversion of office space to residential uses.
Cote plans to introduce a notice of motion about a moratorium at an upcoming council meeting. He's proposing the moratorium in response to a new application to convert existing office space near the New Westminster SkyTrain station to residential uses.
"We cannot afford to become a bedroom community and I think it is important that the city protect and support its existing commercial office space," he said in a press release. "This is important to our local economy, our tax base and is consistent with the region's goals of supporting employment near rapid transportation."
If supported, Cote said his motion could lead to the creation of a policy that would limit the ability of existing commercial office space to be converted to residential uses within in New Westminster.
"I believe that such a policy would be consistent with New Westminster's Livable City Strategy, which calls for the city to maintain or increase its non-residential land uses," he said about the city's economic development strategy. "If New Westminster hopes to achieve its long-term economic goals, we need ensure that our land-use policies support employment in our community."
According to Cote, real estate services firm Jones Lang LaSalle recently completed a study evaluating rapid transit oriented office space in Metro Vancouver and found that demand was increasing for office space located near SkyTrain stations.
"I think New Westminster is well positioned to attract new employment and I don't want to see the city lose out because we have converted existing employment land uses to residential," he said.
