Anthem Properties is seeking a “one-off” deferral of the remaining payment of what it owes to the City of Vancouver in exchange for the rezoning approval for a new luxury condominium tower in downtown Vancouver.

The previous makeup of Vancouver City Council approved the developer’s rezoning application to build a 33-storey luxury condominium tower with 127 units at 1616-1698 West Georgia Street on the border of Coal Harbour and the West End.

This site at the southeast corner of the intersection of West Georgia Street and Bidwell Street was previously a Chevron gas station.

So far, Anthem Properties has paid $15.66 million of the $26.1 million in cash community amenity contributions (CACs) it previously agreed to provide to the municipal government as a condition of rezoning and the added market residential density uses.

This aligns with the City’s CACs policy of requiring developers to pay 60% of the cash CACs upfront before the enactment of the rezoning bylaw, which is a step that occurs after City Council’s rezoning application approval.

The remaining 40% of the cash CACs is typically due before the first building permit is issued or 24 months after the date of enactment of the rezoning bylaw, whichever comes first.

Anthem is looking to modify the schedule of the remaining 40%, worth $10.44 million, to the second stage of the building permit.

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