Concord Pacific provides $110 million and affordable housing sites in False Creek North
The real estate developer behind Concord Pacific Place, spanning almost the entirety of False Creek North in downtown Vancouver, has reached an agreement with the City of Vancouver to move forward on social housing sites.
The municipal government announced today a deal was recently reached with Concord Pacific that would see the developer offer three sites set aside for future non-market housing and a $110 million cash contribution to the City.
The three sites are being offered to the municipal government by waiving the combined $11 million option price, which brings the total value of Concord Pacific’s combined cash and value-in-kind contributions to $121 million.
While the cash portion can be used towards the cost of construction for the non-market housing buildings, the municipal government has suggested a portion of the funding could also go towards the Northeast False Creek Plan of demolishing the Dunsmuir and Georgia viaducts, and replacing the overpasses with a ground-level street network.
Plans for the viaducts demolition have been delayed due to various reasons, including slower-than-expected progress on Northeast False Creek’s major condominium redevelopment projects, the pandemic, and cost inflation.
“Concord Pacific was pleased to work with the City on the creation of these non-market housing opportunities,” Matt Meehan, senior vice-president of planning, Concord Pacific Developments Inc.
“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.”
This agreement between the City and the developer was reached in 2022, and it builds on the November 2018 memorandum of understanding between both parties, in which three sites would be transferred to the municipal government for the purpose of building non-market housing, and three other sites would remain under Concord Pacific ownership for future condominium development uses.
All six vacant sites form some of the remaining vacant properties within North False Creek, as part of Concord Pacific’s acquisition of the area following the Expo ’86 World’s Fair.
“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,” said Vancouver Mayor Ken Sim.
The three sites eyed for non-market housing development would carry a combined total of about 661 non-market units.
The construction and funding of the three non-market housing sites will be led by BC Housing, which has yet to determine exactly what kind of housing tenure will go into these properties.
“Non-Market Housing is Social Housing that is owned and operated by a non-profit housing association or co-operative, or a Government agency. It typically includes a mix of rents and incomes, with a priority for households with incomes below the Provincial Housing Income Limits,” reads City public consultation materials on the proposed area plan amendments needed to accommodate such redevelopments.
Two of the non-market housing sites — 990 Beatty Street and 1050 Expo Boulevard — are located near the northern end of the Cambie Street Bridge.
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