City and Concord Pacific divide up 6 False Creek lots previously earmarked for affordable housing

The City of Vancouver says plans to build more than 650 "affordable" non-market homes on three undeveloped sites in False Creek North are going ahead after agreeing to a deal with landowner Concord Pacific to divide up six lots previously earmarked for non-markethousing.

The agreement gives the City of Vancouver title to three of the six lots, along with $110 million in cash contributions from Concord Pacific, according to a statement from the city. Concord Pacific is also waivingthe city's $11 million option price on purchasing the three sites.

In turn, Concord Pacific receives unencumbered ownership to develop market housing on the remaining three sites at1502 Granville St., 431 Beach Crescent and 900 Pacific Boulevard.

The proposed sites for non-market housing are450 Pacific St.,990 Beatty St., and 1050 Expo Blvd.

The deal follows through on amemorandum of understanding the city signed with B.C. Housing and Concord Pacific in 2018.

According to a city spokeswoman, the timeline for building the 650-plus units has not been determined. A public hearing is expected to be held in July on the amendments to the False Creek North official development plan that are required to move the plan forward.

The news release calls the development an "innovative land transaction agreement" that will also create opportunity for new public amenities in the False Creek North neighbourhood, including a firehall and child-care facility.

"We're excited to see progress being made towardsecuring much-needed housing in the heart of our city," said Vancouver Mayor Ken Sim in a statement.

False Creek North is located primarily on the former Expo '86 lands in downtown Vancouver, bordered roughly by Columbia Streetto the east and Granville Streetto the west, between the north shore of False Creek and Pacific Avenue/Beatty Street.

Public information sessions are scheduled on Feb. 22 from5 p.m. to 8 p.m. andFeb. 25 from 11 a.m. to 2p.m. at the Roundhouse Community Centre.

Under the city's definition, the non-market housing planned for False Creek North will consist of units ranging fromstudios to three-bedrooms, reserved for people with low to moderate incomes andoperated by government and non-profit agencies. Forty per cent of housing is targeted at families.