Mission’s waterfront study is headed into the fourth phase after council approved staff recommendations Monday.
The long-awaited report takes the waterfront plan into the final process of researching the implementation of residential and commercial market opportunities in Mission.
The district has identified over 60 ha (150 acres) along the waterfront that could be used to achieve “urban land intensification,” a planning term that refers to urban density development.
Funding of $30,000 was approved, with nearly $10,000 coming from remains of the waterfront budget, and the rest from the Stabilization Reserve Fund.
The implementation strategy will use the conclusions and recommendations of the three previous phases — market and financial analysis and land defragmentation — in order to provide a plan on putting the study into action.
As part of the fourth phase, Patrick Cotter Architect will again be used to guide district planners. This will include consulting with agencies, stakeholders, and private developers to best decide what sort of role Mission will play in the development process.
Several developers will likely be involved in projects being constructed over a period of several decades. Cotter previously said a developer could reasonably expect a 20 per cent return on their investment.
Developing 150 acres along Mission’s floodplains is expected to require as much as $1.4 billion from investors, and would require significant municipal infrastructure upgrades, including roads, fill requirements, potential soil remediation, as well as the water, sewer, hydro and other services.
Development will likely be done in two phases, separating the downtown and First Avenue from the more industrial waterfront areas.
Consultation is expected to take place over the next two months, and include technical work and studies. A draft interim report will be brought back to council in December.
Following that, an assessment and analysis will be available in the new year, with final report and recommendations expected in late January to early February.
You can read about the district’s waterfront plans, including conceptual designs, at their website.