Vancouver strikes deal to build 670 affordable homes in False Creek North

The City of Vancouver has agreed to a deal which will deliver more than 670 affordable rental homes in the False Creek North neighbourhood.

In a release Tuesday, the city said it made a land transfer agreement for three sites with real estate development company Concord Pacific.

“We are thrilled to move forward with these projects,” said Vancouver Mayor Ken Sim. “This is an exciting step towards building a vibrant, inclusive, and sustainable neighbourhood for families of all income levels.”

The city says the deal is valued at around $121 million.

“In exchange for the three non-market housing sites, cash payment and other benefits from Concord Pacific, we will release our options to purchase on the three remaining sites, allowing Concord Pacific unencumbered ownership to develop market housing,” the city stated.

The city has selected housing operators for each site. Brightside Community Homes Foundation, BC Indigenous Housing Society, and Entre Nous Femmes Housing Society partnered with Hogan’s Alley Society have been selected as project partners.

The city says Concord Pacific will build a variety of housing types, including a mix of studios, one-bedroom units, two-bedroom units, and three-bedroom units, as well additional amenities including a 44-space childcare facility, and a new firehall that will replace the existing Firehall 8, both at 990 Beatty Street.

At least 20 per cent of the new 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.

The city established the False Creek North Official Development Plan in 1990 to guide the development of the large area, which served as the Expo 86 site, now known as False Creek North.

Since then, six non-market housing projects have been built in False Creek North, providing more than 540 homes in the community.

“This proposal for 650 new non-market affordable homes will deliver the supply of affordable housing that Vancouver needs,” said B.C. Minister of Housing Ravi Kahlon. “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.”