In 2019, Vancouver-based Wesgroup Properties embarked on an ambitious project to redevelop Port Moody’s old Coronation Park neighborhood.

Sources: TRICITY NEWS, WESGROUP PROPERTIES

Now, with the final zoning amendments approved by the council on July 23, 2024, construction of Port Moody’s largest-ever redevelopment project is set to begin in the fall of 2025.

The Inlet District project, located at the corner of Ioco Road and the Barnet Highway, will transform a 14.8-acre site into a vibrant community. Once completed, the development will house approximately 5,500 new residents in six high-rise towers up to 31 storeys and three six-storey residential buildings. The site will also feature a four-storey office building, two daycares, a grocery store, retail shops, and a 2.63-acre Central Park.

The first phase of the project, situated on the western edge along Ioco Road, includes two 26-storey condo towers atop a four-storey podium. This podium will host a grocery store, a pharmacy, various shops, an office building, and the first daycare.

Brad Jones, Wesgroup’s senior vice-president of development, expressed excitement about the project, stating,

“We look forward to bringing our vision to life and contributing to the growth and vibrancy of Port Moody.”

In preparation for the redevelopment, Wesgroup has been clearing the former Coronation Park neighborhood, which included relocating 10 of the 59 mid-century single-family homes to a First Nations community near Sechelt. The company is also working with the city to identify and preserve trees from the old neighborhood, although the size and root balls of some trees pose challenges.

The city is awaiting confirmation from Wesgroup on securing partnerships for an affordable housing component within the project. If successful, the plan will be brought back to the council for approval. Port Moody Mayor Meghan Lahti is optimistic about the inclusion of affordable housing, stating that it could happen “soon.”

Wesgroup’s vision for the Coronation Park site has evolved through various iterations and faced challenges, including concerns about density and urban planning. Despite these hurdles, the project has now received final approval, and any lingering animosity has dissipated.

Jones highlighted the community benefits of the project, which include over $137 million in financial and in-kind contributions. These benefits encompass more than $8 million in community amenity contributions, $6 million for a new pedestrian overpass to the Inlet Centre SkyTrain station, $4.8 million for public art, a 186 sq. m. civic facility for community use, $44 million in infrastructure upgrades, $33 million in municipal development cost charges, and $58 million in Metro Vancouver development cost charges.

The first residents are expected to move into their new homes in the Inlet District in Port Moody by 2029.

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