above:Wall treatments proposed
The Sony Centre Redevelopment – will result in the creation of a public plaza in the strata land originally intended either for the City Centre cultural project or for a commercial development.
from the city report, take note of the coloured text
The original Umbrella Agreement with Castlepoint Realty Partners Ltd. (Castlepoint) incorporated a fallback scenario in which a commercial development would be constructed in the strata land below the proposed condominium tower in lieu of the City
Centre. However, at its meeting in July, 2008, Council approved amendments to the Umbrella Agreement that provided staff and the developer, Castlepoint Realty Partners Ltd., with the opportunity to examine a further alternative for this strata land. Under this alternative, the strata land would be used for additional residential development and a public plaza instead of a commercial development. Staff have determined that this new alternative will result in significant public benefits and that it will aid in the operations of the existing theatre.
Anywhere - other than this site, a developer could be seen to be using the planning system to his own advantage, yet here the developer will probably make less money off the additional residential placed on the site than the other option of a commercial development.
Link to the city's staff report [opens in new window]
Posted by robert
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