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Friday, March 1, 2024

Concord Pacific, BC Housing, City of Vancouver 661-Units of Non-Market Housing Moves Forward

The City of Vancouver has entered into a partnership with developer Concord Pacific and BC Housing to build 661 units of non-market housing in the False Creek North neighbourhood.

Concord Pacific owns six undeveloped sites in the area, and as part of the agreement, the City will receive three sites from the developer to develop with BC Housing. Concord Pacific will waive its purchase options on the remaining three sites, giving the developer the freedom to build market housing.

Six sites involved with Concord Pacific’s agreement with the City of Vancouver. 1050 Expo Boulevard, 990 Beatty Street, and 450 Pacific Street will be transferred to the City for non-market housing development, while 1502 Granville Street, 431 Beach Crescent, and 900 Pacific Boulevard will remain under Concord Pacific ownership for condominium development. (City of Vancouver)

The three sites being given to the City have a value of $11m, while Concord Pacific is providing $110m in cash contributions towards False Creek North.

The three sites will be developed as follows: 1050 Expo Boulevard as a 29-storey non-market building with 296 units and a 6.1 FSR; 900 Beatty Street as a 28-storey non-market building with 288 units, a 7.5 FSR, a new fire hall, and a 44-space childcare facility; and 450 Pacific Street as a seven-storey non-market building with 90 units and a 3.5 FSR. The partnership, which aims to deliver the 661 units of non-market housing, was first announced in 2018, with the three parties signing a Memorandum of Understanding.

Amendments to the False Creek North Official Development Plan will be needed to accommodate the increased density required for the development. The ODP established in 1990 set a goal of 20% non-market housing for all residential units in the area. Of the 20 sites earmarked for non-market housing, six remained undeveloped after BC Housing cancelled several funding programs in 2001. In the 1990s, BC Housing had provided funding for six sites, delivering 544 units of non-market housing.

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