While Bus Rapid Transit has been hailed as a game-changer for Maple Ridge, the future transit upgrade has caused massive expense for developers waiting to build some 3,000 condo units along the planned route through the city.
With their carrying costs mounting by millions each month, developers representing numerous projects attended the Dec. 10 meeting of Maple Ridge city council to ask that a moratorium on building in the Lougheed Corridor be lifted.
Chuck Puchmayr spoke for the group, noting just one project with 220 units is racking up carrying costs at a rate of $100,000 per month.
"That is going to go against the affordability of those units," he said to councillors. "Please expedite this, and put an end to the moratorium that you imposed."
The developers noted there is a desperate need for more housing across the region – building more units faster is the province's strategy to get out of an affordability crisis. They told council the combined costs of delays on the 3,000 units could be as high as $2 million per month.
BRT is a rapid transit system that will provide high-frequency service in dedicated transit lanes. Signal priority at intersections will make it even faster. Railway-style bus stations rather than bus stops will be designed to add to customer comfort and safety. TransLink is adding nine BRT corridors across the region, and Maple Ridge was selected as one of the first three, with a line from Langley to Haney Place. The route is down the Lougheed Highway and across the Golden Ears Bridge. The line was announced in November of 2023, and is expected to be in service by 2027.
In July 2024, the city imposed a development freeze in the Lougheed Corridor, to ensure all new builds along the highway align with BRT service needs, and new provincial housing legislation.
Harrison Han of Nexst Properties said his group has a 199-unit project that has effectively been "frozen" since February.
"We're blowing well over $100,000 per month in carrying costs," said the builder.
He said the delays, combined with increased construction costs, impacts the viability of the projects.
"It's getting hard to make these projects work," said Han.
Han explained that building and financing rental units is already a challenge. With added carrying costs, projects are fast reaching a point where developers will have to sell the units, rather than own and rent them. Or, they may even be forced to sell the land and walk away from their projects, he added.
"We have been losing over one hundred thousand dollars a month on interest charges, as well as continued vandalism on the vacant buildings," another developer Jas Shergill told council. He represents more than 200 future rental units to be built at 22107-22164 Lougheed Hwy.
Mayor Dan Ruimy said the city has been working with TransLink and the B.C. transportation ministry, "so we can start to unbuckle some the projects that are there," he said.
Ruimy committed to meeting with the developers early in January.
"It's in all of our best interests to move these projects forward," the mayor added.
According to city hall, the Lougheed Corridor extends from the city’s western boundary to the town centre along Lougheed Highway and Dewdney Trunk Road. The area acts as a gateway to Maple Ridge, with important transportation linkages to Pitt Meadows and Langley.