VICTORIA - Premier Gordon Campbell and Vancouver Mayor Larry Campbell announced today that the provincial government and the city have reached agreement on the future of the Woodward's site in Vancouver. The agreement will result in the sale of the Woodward's building to the city for $5.5 million.

"The Woodward's building is important to Vancouver," said Premier Campbell. "The city is best suited to fast-track the development of Woodward's, since they determine heritage requirements, zoning and other land-use considerations. The province is also committing to provide funding for 100 units of subsidized housing."

"Today's announcement opens the door to the revitalization of the Downtown Eastside, with all that means for the entire province," said Mayor Campbell. "This project, with its commitment of social housing, should underline our city's commitment to achieve real social sustainability in this community. We are now in a position to turn the Woodward's site into a focus for development."

As part of the memorandum of understanding, the province, through BC Housing, will fund 100 units of non-market housing in the Woodward's building for people at risk of homelessness, low- and moderate-income seniors, and families and people with disabilities living in the area.

The previous provincial government bought the old Woodward's building in 2001, paying more than market value at $21.9 million. Since then, the current government has looked at all options to minimize taxpayer losses and encourage the redevelopment of the building in a financially sustainable manner.

Vancouver city council will announce details of redevelopment plans in the coming weeks, Mayor Campbell said, as well as the nature of community consultations on the future of the project.

The memorandum of understanding between the province and Vancouver on the Woodward's building sale was created in accordance with the goals of the Vancouver Agreement to promote and support sustainable economic, social and community development.

The province, through BC Housing, provides more than $16 million annually to subsidize about 5,000 units of social housing in the Downtown Eastside. Since June 2001, the government has committed funding for construction of about 3,300 housing units across B.C. To date more than 2,300 of these units have been completed, and over 570 units are currently under construction.

In addition, the province has committed funding for 3,500 new independent living units with support services through the Independent Living BC program. This housing-for-health program is managed by BC Housing in partnership with the regional health authorities, Canada Mortgage and Housing Corporation, and the private and non-profit sectors. The Independent Living BC program is part of the government's New Era commitment to add 5,000 intermediate and long-term care beds across B.C. by 2006.

Since taking office, the government has increased funding for housing programs to $142.4 million this year -- the largest provincial contribution to subsidized housing ever in B.C.

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