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West Vancouver's economic salvation resides in real estate

Municipality's mayor pushing to change the face of West Vancouver retail strip
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The new Grosvenor International Canada development approved by West Vancouver council is expected to revitalize a six-block stretch of Marine Drive retail that has languished for years

Its tony neighbourhoods might represent some of Canada's richest postal codes, but West Vancouver has more than its share of challenges when it comes to keeping its head above water with property taxes.

In an interview prior to delivering a presentation to the local chamber of commerce, Mayor Michael Smith explained in detail why he keeps pushing for redevelopment of an aging retail district that looks much the same as it did 50 years ago. "West Vancouver is unique in that we have no industry. We don't have any industrial land and we have a very limited business base, well less than 10% of the property taxes. So we rely on residential taxes that are already the highest on average in Metro Vancouver."

While Smith is a booster of business, it's not just business for business' sake. For him – and it's music to the ears of groups such as the chamber of commerce – mixed development and redevelopment of West Vancouver's commercial base are key to keeping taxes down.

"These days there are only so many avenues you can go down to keep the tax rate and tax base level for the community," said Jason Black, West Vancouver Chamber of Commerce president. "Expanding the business for West Vancouver is smart business and an approach the West Vancouver Chamber of Commerce fully supports."

There was no tax hike in West Vancouver last year, and the district is aiming to hold it down to a manageable 2.92% increase this year. But to consistently keep taxes contained over the longer term, Smith said, "we have to ensure our existing businesses are viable and strong and sustainable."

The district has made some headway on that front. In December, council approved development plans from multinational real estate firm Grosvenor to develop 1300 Ambleside, a block-long area of land now occupied in part by the West Vancouver police headquarters. The 268,000-square-foot development consists of two buildings, six and seven storeys high, on land that now houses the local police headquarters, some restaurants and retail shops and vacant land. It has faced considerable opposition over the last three years, however, from a suburb that is home to B.C.'s highest ratio of older residents: 65% of its 44,000 residents are over 65. Nearby residents fearing a loss of view and other opponents who favour a quieter, slower pace fielded an 1,800-name petition against the development. But Smith said people fighting such projects fail to understand the facts of life for a community like West Vancouver.

"[They] don't realize the only industry we really have in West Van is real estate. The Grosvenor project is worth almost an entire year's property tax revenue for the citizens of West Vancouver plus $1 million a year in new taxes. It has a huge impact."

Smith said the Grosvenor project is also going to "kick-start the revitalization of the six-block retail sector" along Marine Drive. "We need restaurants, some nightlife, we need new movie theatres. We need a community that is not just a bedroom community." •