THE City of Vancouver announced on Monday that it is moving forward with plans to deliver more than 650 non-market homes in False Creek North through an innovative land transaction agreement.
The agreement with Concord Pacific creates an opportunity for the City to partner with BC Housing to develop these new non-market homes on three sites in False Creek North. These sites will also create an opportunity to locate new public amenities for False Creek North including a fire hall and childcare facility.
In addition to the three housing sites, the City will receive $110 million in cash contributions that could 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.
The proposals require amendments to the False Creek North Official Development Plan (FCN ODP) and the applicable zoning.
Vancouver Mayor Ken Sim said: “We’re excited to see progress being made towards securing much-needed housing in the heart of our city. We’re thrilled to be working with our partners, the Province and Concord Pacific, and look forward to considering the merits of the proposal.”
Housing Minister Ravi Kahlon said: “Together with the City of Vancouver, the Province is committed to tackling the housing crisis that has forced too many people to move away from the community they call home. This proposal for 650 new non-market affordable homes will deliver the supply of affordable housing that Vancouver needs. We are making progress, with nearly 8,500 new affordable homes open or underway since 2017, and there is much more to do to increase housing supply.”
Matt Meehan, Senior Vice-President, Planning, Concord Pacific Developments Inc., added: “Concord Pacific was pleased to work with the City on the creation of these non-market housing opportunities. We support the City’s suggestion of funds going towards the removal of the seismically compromised viaducts as it would also unlock even more affordable housing opportunities in the area.”
To learn more about how these changes could provide more non-market housing and public benefits for the area:
- Drop by an information session on:
February 22, 5-8 p.m.
February 25, 11 a.m.-2 p.m.
Location: Roundhouse Community Centre, 181 Roundhouse Mews
- Drop by an information session on:
- Visit the Shape Your City website for details and to share your comments
The proposed zoning amendments are expected to be presented to Council for consideration in July 2023.
- The False Creek North Official Development Plan was established in 1990 to guide the development of the large area which served as the Expo 86 site, now known as False Creek North.
- Six non-market housing projects have been built in False Creek North since 1990, delivering more than 540 units in this community. Currently, there are six remaining undeveloped non-market housing sites located in False Creek North that are owned by Concord Pacific. The City holds options to purchase those undeveloped sites.
- In 2018, the City of Vancouver signed a Memorandum of Understanding with BC Housing and Concord Pacific with the intention to build up to 650 units of non-market housing on three sites in False Creek North.
- In 2022, Council approved an agreement between the City and Concord Pacific for a new delivery model for housing. Under this agreement, the City receives three sites from Concord Pacific for the development of 650 units or more of non-market housing (in partnership with BC Housing). These sites will also accommodate new community amenities, including a fire hall and childcare facility. Concord Pacific will also waive the City’s $11 million option price on the three sites and provide the City with $110 million in cash which can be allocated to fund the new street network contemplated in the Northeast False Creek Plan’s vision for a new vibrant waterfront community.
- In exchange for the three non-market housing sites, cash payment and other benefits from Concord Pacific, the City will release its options to purchase on the three remaining sites, allowing Concord Pacific unencumbered ownership to develop market housing.
- The ODP and by-law changes being proposed would allow for the delivery of the non-market housing on the three sites that will be transferred by Concord Pacific to the City and for the development of market housing on the three remaining sites that will be retained by Concord Pacific. This is subject to Council’s regulatory approval following a Public Hearing.