A new proposal to tear down Vancouver’s Georgia and Dunsmuir viaducts promises to accommodate just as much traffic with only minimal increases to travel time.

City staff unveiled the plan Tuesday morning along with an increased price tag of $200 million, up from the initial estimate of $130 million.

Planning manager Brian Jackson also cautioned that putting the project off longer would only make it more expensive for taxpayers.

“We have an opportunity because the lands around the viaducts have not been developed,” Jackson said. “It’s the right time for this to happen.”

Vancouver also justified the price tag by noting raised roadways such as the viaducts typically have much higher life cycle costs than at-grade streets – sometimes by as much as 1,000 per cent.

The proposal recommends replacing the viaducts with a network of streets that the city boasts would increase connectivity and allow for a larger park space.

“The decision to remove the viaducts sets the stage for us to do some tremendous city building and provide a whole list of far-reaching benefits to the neighbourhood and to the city as a whole,” said Jerry Dobrovolny, Vancouver's acting general manager of engineering.

He also maintains there will be no cost to taxpayers once they strike a deal with developers for the land freed up once the viaducts are demolished.

“We expect the revenue opportunities from a variety of sources to offset the cost.”

Officials said the new network would accommodate 100 per cent of the current traffic volume on the viaduct, and only increase travel time by an estimated one to three minutes.

Staff noted only six per cent of trips into Vancouver’s downtown core currently use the route.

At-grade streets are also more resilient in the face of earthquakes, the city said.

Vancouver conducted extensive traffic studies in forming its plan, and has held 13 open houses and 38 stakeholder meetings since June 2014.

It also plans to take part in an open question-and-answer session on the Reddit website on Oct. 13, and present technical findings at the Telus World of Science on Oct. 14.

City council is then expected to vote on the proposed plan on Oct. 20.