Latest news with #DeanJohnson
Hamilton Spectator
24-05-2025
- Business
- Hamilton Spectator
Wesgroup proposes significantly more density at Coronation Park site to offset new Metro Vancouver fees, affordable housing
Wesgroup approached Port Moody council on Tuesday with a multi-pronged proposal to keep its long-planned Coronation Park development on track – including significant density increases, alternative financial securities, and support tied to a federal financing program. Spanning 15 acres, the development was set to include six residential towers between 26 and 31 storeys and 100,000 square feet of commercial space following council approval in 2023. Of the 2,587 units, 101 were set to offered as rentals. The May 10 delegation from Wesgroup follows a 2023 letter of intent the developer submitted to explore affordable housing options in exchange for increased density after concerns were raised about the complete absence of below-market units in the project. The proposal will require another OCP amendment and rezoning to allow for another tower to be built on site, as well increasing the height of three other towers. Dean Johnson, Wesgroup's senior vice president of development, said the amount of density is needed to offset costs related to recent increases to Metro Vancouver developer cost charges (DCCs) hurting the project's bottom line, and building market rentals under the Canada Mortgage and Housing Corporation's (CMHC) Apartment Construction Loan Program (ACLP). 'The CMHC's ACLP is the only viable path forward in today's financial environment,' Johnson said. 'We have two options in front of us: additional density to offset the cost, or decrease the amenity package we previously agreed to with the community. We do not want to go down that path.' Wesgroup's proposal would add an additional 35-storey tower, as well as 13 storeys on three other towers. In exchange, Wesgroup would convert one of the 26-storey towers fronting Ioco Road to 100 percent rental housing. Of its 288 units, 72 would be secured at below-market rates for 25 years. CMHC's $55-billion ACLP provides low-cost financing to developers in exchange for rental and affordable housing commitments. But the 2025 funds have already been claimed, and the 2026 intake window is nearly full. In order to qualify, Wesgroup needed municipal confirmation that Port Moody supports the project's alignment with CMHC affordability goals. While council only received the proposal for information, it unanimously approved the issuance of a 'comfort letter' needed to advance Wesgroup's application to the CMHC. Offsetting costs Shortly after Port Moody council approved Coronation Park in October 2023 , Metro Vancouver's Mayor's Council approved steep increases to regional DCCs, resulting in a $30 million in unplanned fees, according to Johnson. He said the DCC spike is a significant cost burden on the project, and without the added density, Wesgroup may have to scale back the amenity package approved for the development. 'There was a substantial increase – once in a lifetime, really, for many of us – and this cost is going to be something that we have to deal with on this project,' Johnson said. Additional density is also needed due to the value difference between market condominiums and market rental. Most of the additional square footage, however, is being used to offset Metro Vancouver's DCC increases, which account for approximately 77 percent of the increase in density. Johnson noted that one of the benefits of using the CMHC program is that both towers facing Ioco Road would be built simultaneously, while much of the density would be added in later phases of the project. Surety bonds Wesgroup's final request was for the city to consider accepting surety bonds as an alternative to letters of credit when developers post financial securities tied to development permits. A surety bond offers municipalities a secure financial guarantee that a developer will complete their obligations, while giving the developer more financial flexibility compared to traditional bank-issued letters of credit. 'Letters of credit tie up millions of dollars in equity,' Johnson said. 'Surety bonds are insured, regulated, and already accepted in municipalities like Burnaby, Surrey, and Vancouver.' He noted Wesgroup currently faces a $15.8 million letter of credit due in July, which it is seeking to defer until building permits are issued in March 2026. The company is still in the pre-sale phase and has not yet secured final project financing, making the immediate issuance of such a large letter of credit 'challenging,' Johnson said. Council response Coun. Haven Lurbiecki was sharply critical of the amount of density being proposed, and questioned whether the CMHC proposal was even related. She accused Wesgroup of 'shifting the goalposts' by asking the public to essentially subsidize an already massive project. Lurbiecki noted the original plan includes mostly studios and one-bedroom units at a time when the city needs affordable family-sized housing, townhomes, co-ops, four-plexes, and seniors housing. 'Anything but more condos,' she said. 'To even consider this request for more density, I just find it irresponsible and inexplicable.' Other councillors took a more supportive approach. Coun. Kyla Knowles welcomed the affordable housing plan and said the financial pressures facing developers must be understood if homes are to be delivered. 'We need homes. So let's build the homes,' Knowles said. 'If there's an extra $30 million in DCCs, you could say, 'Great, the developer makes less.' But that cost falls on end users.' She also supported Wesgroup's request to explore surety bonds as an alternative to letters of credit for financial security deposits. 'Financing has changed. It's gotten more challenging,' Knowles said. 'To not have any understanding of that means you are worsening the crisis.' Coun. Callan Morrison said he supported the comfort letter but wanted more information before weighing in on the broader density and financial deferral requests. 'I appreciate this is going to need a bigger discussion,' he said. Mayor Meghan Lahti emphasized the comfort letter was only to allow Wesgroup to begin its CMHC application – not an endorsement of all its future asks. 'We may support them sending in the application, but we may not support it at the end of the day,' she said. 'This is helping them get to the next step.' In principle, however, the mayor supported the rental housing proposal. 'If all things were equal, would we be supportive of a CMHC project happening on that site in the second tower? My answer is a resounding yes,' Lahti said. 'But obviously, there are multi-faceted levels of conversation that need to take place.' Staff will return with a report on the broader proposal – including the OCP amendment, rezoning, and requests related to financial securities and density.
Yahoo
08-04-2025
- Entertainment
- Yahoo
Lower East Side Film Festival to Open with Pete Ohs' ‘The True Beauty of Being Bitten by a Tick'
The 15th anniversary of the beloved Lower East Side Film Festival (LESFF) has a star-studded lineup. IndieWire can announce that LESFF 2025 will open with the New York premiere of Pete Ohs' 'The True Beauty of Being Bitten by a Tick' May 1. The festival will conclude May 5 with Lola Rocknrolla's true crime documentary 'The Big Johnson' about drag queen Dean Johnson. 'Our Opening and Closing Night films are proof that indie filmmaking packs a punch,' Roxy Hunt, LESFF Co-Director and CEO of BFD Productions, said. 'Pete Ohs and Lola Rocknrolla are true badass filmmakers, telling stories that are daring, original, and unapologetic. At a time when Hollywood is playing it safe and overlooking bold, visionary voices, independent film is where authentic stories have the freedom to break through. LESFF has always been about championing that spirit, and this year is no different.' More from IndieWire ADVERTISEMENT 'The True Beauty of Being Bitten by a Tick' had its world premiere at SXSW. The film stars Zoë Chao, Jeremy O. Harris, Callie Hernandez, and James Cusati-Moyer a as friend group whose weekend retreat goes unsettlingly wrong after an ominous tick bite seems to unravel reality. In contrast, 'The Big Johnson' tells the story of late NYC legend Dean Johnson, who was a drag queen, rock star, activist, and enigma, per the logline. 'A towering figure in the underground scene, Johnson's shocking, unsolved death remains a mystery. Was it murder? Was it an accident? One thing's for sure: Dean changed New York forever,' as the description reads. ''The Big Johnson' is thrilled to have our New York premiere at the LES Film Festival,' director Lola Rocknrolla said. 'Dean Johnson lived most of his adult life on the Lower East Side and I lived on Ludlow Street for the better part of a decade. Roxy Hunt and Tony Castle are the best festival curators I have ever worked with and they really care about keeping film and culture alive. This is our neighborhood, this is our festival and we can't freakin' wait for it.' LESFF will take place May 1 to 5, and will have screenings at Village East by Angelika and DCTV's Firehouse Cinema. Purchase tickets to the Lower East Side Film Festival here. 'The Big Johnson' This festival also marks the launch of its first-ever Stay Indie Project, a direct pipeline for independent filmmakers to get their projects made. Launched in collaboration with BFD Productions, the initiative connects independent filmmakers with development, financing, and production support to greenlit indie films. The first Stay Indie project to be part of the festival is feature 'Not One Drop of Blood,' which had its world premiere at Filmfort (Treefort Music Fest, Idaho) before screening at The Florida Film Festival. It will have its New York premiere at LESFF out of competition. ADVERTISEMENT 'Not One Drop of Blood' is produced by LESFF co-directors Hunt and Tony Castle, as well as LESFF Board Member Sarah Wharton. The feature documentary film is directed by Jackson Devereux and Lachlan Hinton, and follows the decades-long mystery of unexplained cattle mutilations in rural Oregon. The doc was based on Anna King's NPR reporting; King produces the film that was financed and produced in partnership with BFD Productions, Northpoint Post, and Copperline Creative. 'With the Stay Indie Project, we're helping tear down the biggest roadblock indie filmmakers face — getting their films made,' Tony Castle, LESFF Co-Director and COO of BFD Productions, said. 'It's not enough to just celebrate independent film; we need to actively build a pipeline for bold, risk-taking storytellers to get their work out into the world. By pairing the festival with our production company, we're giving filmmakers real resources, real funding, and real momentum. But it doesn't stop at making movies — we're here to make sure they get seen. Getting indie films into actual cinemas, on the big screen, where they belong—that's what it's all about. Watching movies together, in the dark, the way they were meant to be experienced. That's the magic. That's the mission.' 'Not One Drop of Blood' Additional Stay Indie Project features in the works include narrative film 'Our Bodies and Other Shames,' written by Malka Wallick and directed by Jenny Lester; and documentaries 'The Ark,' 'Hoop Like This,' and 'Credible Fear.' 'Our Bodies and Other Shames' stars Alysia Reiner, Micaela Diamond, Gideon Adlon, and Malka Wallick as childhood best friends who are forced to confront their past when one is diagnosed with breast cancer. ADVERTISEMENT 'The Ark,' which is directed by Jeremy Chilnick and Viacheslav Rakovskyi, centers on a young Ukrainian family who, in the midst of war, transforms their farm into a refuge for 1,000 displaced animals. 'Hoop Like This' is directed by Shubhangi Shekhar and follows the best Indian basketball players from around the globe as they join forces to compete in the world's highest stakes basketball tournament on ESPN to prove to the world that brown men can jump. 'Credible Fear,' directed by Gabrielle Ewing, is about a chance pairing between Yojana, a Guatemalan asylum seeker, and Amy, a DC attorney, during a seven-year battle for justice inside America's broken immigration system. The full LESFF program will be announced soon. Best of IndieWire Sign up for Indiewire's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
