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Pinnacle moves onward in Capstan Village
Another cornerstone of the future Capstan Village is advancing to a public hearing in two weeks.
Pinnacle International (Richmond) Plaza Inc. is proposing to turn a now vacant 4.26-hectare (10.5 acre) City Centre site into a neighbourhood of 1,128 homes. Also planned is hotel, retail, office and public amenity space similar in size to the planned Walmart mall a kilometre away.
Bounded by Sea Island and Capstan ways and No. 3 and Sexsmith roads, the proposed project is one of several in an area clustered around a possible new Canada Line Station. The new transit node is at least 15 years away, as city and transit planners await contributions from developers in exchange for density bonuses.
Pinnacle's project alone is expected to generate $8.8 million for the station.
Proposed are nearly a dozen towers, ranging from eight to 16 storeys, linked by street-level units. It will include 17 subsidized affordable housing units for professional artists, and a 0.7-hectare (1.7 acre) city-owned neighbourhood park next to future rapid transit station.
Coun. Linda Barnes said Pinnacle is building to LEED silver status, but could achieve gold—the third highest rating of four environmental certification levels set out in the Leadership in Energy and Environmental Design process.
"This is an area that is going to change how Richmond looks as you enter our city from Vancouver," she said. "It's going to be a really good new gateway."
The site was once home to 14 single-family homes. Pinnacle owns one neighbouring property—already rezoned for a 200-home high-rise development—while other nearby properties are at various levels in the development process. The largest is Concord Gardens, a similarly-sized development approved by council two years ago.
The Pinnacle file will go to public hearing May 20 at 7 p.m. at Richmond City Hall.