A land transfer agreement to the City of Vancouver that will deliver more than 670 affordable rental homes on three sites in False Creek North is complete, marking a major milestone.

The agreement with Concord Pacific created an opportunity for the City to partner with BC Housing and local housing providers to develop these new non-market homes on three sites in False Creek North.

Through the agreement, the City will also receive $110 million in cash contributions from Concord Pacific to be used or allocated to fund the new street network planned for Northeast False Creek. Concord Pacific will also waive the City’s $11 million option price on the three sites, for a total value of $121 million in financial contributions.

With the land transfer officially complete, the City selected housing operators for each site. Brightside Community Homes Foundation, BC Indigenous Housing Society (BCIHS) and Entre Nous Femmes Housing Society (ENFHS) with Hogan’s Alley Society (HAS) have been selected as project partners.

The City will also work with Francl Architecture Inc. as well as Public Architecture who have designed the new buildings.

“We are thrilled to move forward with these projects, which will create over 670 affordable housing units in False Creek North,” said Ken Sim, Mayor of Vancouver, on Tuesday. “This is an exciting step towards building a vibrant, inclusive, and sustainable neighbourhood for families of all income levels.”

This project provides a variety of housing types including a mix of studios, one-bedroom units, two-bedroom units and three-bedroom units that residents need and can afford, as well additional amenities including:

* A 44-space childcare facility at 990 Beatty, demonstrating the City’s commitment to advancing childcare as an essential service, planned as part of complete neighbourhoods.

* A new firehall at 990 Beatty that will replace the existing Firehall 8, demonstrating the City’s commitment to optimize City-owned land by co-locating housing and emergency services and is designed to Passive House standards to advance the City’s sustainability goals.

At least 20 per cent of homes will be rented at shelter rate and at least 50 per cent will be rented at rent-geared-to-income for people who earn at or below BC Housing’s Housing Income Limits (HILs). The balance of the homes will be rented at lower-end of-market, set at a discount from market rents in the neighbourhood, and market rental rates.

990 Beatty: This 28-story mixed-use residential building will be delivered and operated by Brightside Community Homes Foundation and comprises 283 social housing units. 108 of the units are geared to families. This building also includes a firehall and 44-space childcare facility and is being designed by Francl Architecture.