Oak Bay made right decision
Oak Bay councillors faced a tough decision on a proposed commercial-condo project for Cadboro Bay Road last week. And, by the narrowest of margins, they made the right choice. Almost any project in an existing neighbourhood will be controversial, and Abstract Development’s plans for a large triangle-shaped property at Cadboro Bay and Bowker Avenue was no exception. The developer proposed a four-storey, 43-unit project with ground-floor commercial space, to opposition from some residents.
Some concerns were understandable. The property now has three houses, a duplex and a tired commercial building along Cadboro Bay. A taller building and more traffic will affect a handful of immediate neighbours.
But the building is not out of scale for the area. The project’s rear property line abuts two existing four-storey apartment buildings.
And the site was already zoned for multiple-family development, and identified in Oak Bay’s official community plan as an area designated a “secondary village,” with commercial space and higher density. The basic decisions about the area’s future had been made, and the community had a chance to be involved.
Council’s decision reflected the reality that greater housing affordability is critical if Oak Bay — and Greater Victoria — are to remain vibrant, diverse communities.
That means, in part, greater density — taller buildings, backyard homes, more mixed use — as a way to reduce the impact of land prices. It is an indication of how serious the problem has become that one-bedroom condos in this “more affordable” development are expected to cost about $550,000.
Oak Bay has, obviously, among the region’s highest home prices. But throughout the capital region, housing is capturing a larger and larger share of families’ incomes.
Oak Bay council still has work to do. The approval process for the development took almost two years from the project’s public unveiling to last week’s 4-3 vote. While consultation is important, delays add to costs and discourage developers from considering innovative projects.
And council didn’t make the most of the opportunity to secure community amenities as part of the rezoning agreement, something encouraged in the community plan. The zoning change allowing an extra storey added $7 million to the project’s potential value, based on an average unit cost of $700,000.
The developer has agreed on benefits such as road, sidewalk and landscaping improvements and a guarantee that owners will be able to rent their condos.
But all councils should require an independent assessment of the value gained from rezoning, and consider that in deciding what level of contribution to the public good is expected, while recognizing the costs could be passed on to buyers.
But, on balance, Oak Bay council deserves credit for recognizing the importance of finding ways to boost the housing supply, considering the concerns and benefits, and reaching the right decision.