Billed as Coquitlam’s only residential waterfront community, the next 25 years will see this mixed-use master planned neighbourhood take shape on the Fraser River. At full build out, Fraser Mills will offer housing choices to 4,700 families and individuals as well as a diverse range of commercial amenities including shops, office space, restaurants and light industrial space to service the burgeoning waterfront community and the rapidly growing Tri-Cities population as a whole.
Roppel expanded on the various housing choices planned for the community, saying that the development would consist primarily of apartments and stacked townhouses, with the bulk of the townhouses featuring direct access to amenity greenspace on the top decks of the development’s parkades. While the bulk of units will be available for purchase, the development plans also include 118 market rental units and 117 non-market rental units.
The City of Coquitlam has recently had tremendous success in incentivising developers to build more rental units in exchange for increased density and the result has been win-win outcomes for the City, it’s residents and the developers building in the area. Roppel said that the final cost of the development should top out close to $3.3 billion and will offer a staggering $300 million in direct community benefits including the funding and construction of a new public Aquatic Centre as well as an impressive trail network, 16 acres of park space, playing fields and a waterfront plaza – including a public wharf – for all to enjoy. Roppel estimated that the development will also contribute close to $9 million annually in property taxes to City coffers.
The plan for the first iteration of Fraser Mills was initially adopted by Coquitlam Council in 2008, however, the worldwide financial crisis and subsequent changes in local market forces prompted Beedie Living to take this project back to the drawing board. Due to the proposed changes to the development – notably the increase in amenity and public benefits- an OCP amendment is currently being reviewed at Coquitlam City Hall with anticipated ratification in 2019. Upon adoption, the development permit application for the first phase of this project, which includes a 34 storey and a 24 storey tower, will be submitted with hopes to break ground shortly thereafter.
Learn more about Fraser Mills from Beedie Living