Cressey Development Revising Plans for Arbutus Ridge Development

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2012) - In accordance with development permit conditions approved by the City of Vancouver's development permit board on Monday October 22^nd, 2012, Cressey Development Group is revising plans for their Arbutus Ridge project, a mixed-use development to be situated at the northwest corner of West 16th Avenue and Arbutus Street. Based on the board's decision not to grant a height relaxation, Cressey is actively reconfiguring plans for Arbutus Ridge, scaling the project down from five floors to four.

During the project-planning phase, Cressey worked closely with the City of Vancouver planning department to ensure the building met both the zoning and associated design guidelines. Together, the developer and the City explored the possibility of including the Varsity Ridge Bowling Alley in the proposed development, but without an operator or a sponsor, it was concluded be unfeasible.

"We studied the possibility of keeping the bowling alley under the current guidelines and encouraged earlier conversations with the community," said Hani Lammam, Vice President of Development and Acquisitions for Cressey. "Unfortunately it wouldn't be feasible for the bowling alley, particularly because it would require a major investment by the business owner in order to operate from within the new development."

"At this point the bowling alley does not have a sponsor, including it's owner, meaning no one is willing to take on the capital or operating costs on a going forward basis," adds Lammam.

Earlier this month Cressey and City Hall officials met with and listened to the concerns of bowling alley advocates.

"This is not a scenario we wish to see happen. We always aim to work with the City and local businesses to ensure we are actively participating in the future of the community, and so we're disheartened to hear this response from local residents," says Lammam. "We truly hope the community and the owner are successful in their goal to secure a city-owned bowling alley."

The mixed-use development will add amenities to the community, including a grocery store at ground level and public green space with benches and landscaping to be maintained and operated by the Parks Department.

About Cressey Development Group

Since 1969, Cressey has been building multi-family residential projects throughout affording them over 40 years of experience. With over 200 projects to date, the company has earned a reputation for constructing landmark residential, retail, office, hotel, industrial and mixed-use projects throughout British Columbia, Alberta and Washington State.