City Releases Policy Statement for Oakridge Transit Centre
Lost amid the hype surrounding the impending City of Vancouver council decision on the removal of the Dunsmuir and Georgia viaducts is the release of the policy statement for the Oakridge Transit Centre (“OTC”) site, which is slated for imminent sale.
OTC is a 13.8 acre site on West 41st Avenue just east of Oak Street that is owned by Translink and has been used as a bus barn since 1948. Upon completion of the new Vancouver Transit Centre in 2006, the site became redundant over the next few years and Translink subsequently approached the City to redevelop the site. Planning began in early 2014, with various open houses and workshops, culminating in the current policy statement.
The report describes the vision for the site:
“The OTC will be primarily residential and designed to accommodate a range of housing
types and provide for a mix of incomes. New housing will be focused around a central public park that includes a childcare centre, and local-serving shops and services will be concentrated along West 41st Avenue. The OTC will invite local residents into and through the site on public walkways, bicycle paths, and new streets. The tallest buildings will be located in the centre of the site and along 41st Avenue to reduce impacts to the surrounding neighbourhood and shadowing on public spaces.”
Here is a summary of what is being proposed for the site:
- a total density of 2.1 FSR
- 1,265,000 SF of development (estimated to be roughly 1,200 units)
- Building heights of 3-15 storeys
- 20% of units are affordable housing units
- 10,000-20,000 SF of retail uses along West 41st frontage
- 2.3 acre park
- $60 Million+ CAC
- Rezoning for adjacent Oakmont Medical Centre site (6-storeys, 2.5 FSR) and Petro Canada (8-storeys, 3.25 FSR)
“$60 Million+ CAC”
Hi, what does CAC stand for in this sentence?