Up to 650 units of affordable non-market housing proposed in Yaletown
"These new homes will be delivered as part of the transformational Northeast False Creek Plan," says Mayor Gregor Robertson
The City of Vancouver, BC Housing, and Concord Pacific have announced a framework agreement to build up to 650 units of affordable non-market housing in Yaletown, with 50% of the units targeted to families.
Concord Pacific currently owns six sites in the former Expo lands that have remained undeveloped for decades.
This proposal would transfer ownership of three sites to the City to build and operate affordable housing in partnership with BC Housing, further expanding the City's portfolio of land for below-market housing.
Quote from the mayor
"After decades of six parcels of downtown land sitting empty, we have a historic agreement between the City, the Province, and Concord Pacific to move forward with more than 600 new affordable homes in Yaletown," said Mayor Gregor Robertson. "These new homes will be delivered as part of the transformational Northeast False Creek Plan, which includes historic investments in affordable housing, parks, and public space that will transform Vancouver's last remaining downtown waterfront on False Creek. I want to recognize all members of Council for their support of this agreement, which is a huge boost for affordable housing and will benefit our city for generations."
Northeast False Creek Plan
The agreement also includes a payment from Concord Pacific that the City expects to invest in critical infrastructure work in the area, as part of the recently approved Northeast False Creek Plan. It will also contribute towards $1.7B in anticipated community benefits and amenities that includes the much anticipated new Creekside Park.
The Northeast False Creek Plan includes the eventual construction of more than 2,000 affordable homes, including the up to 650 units on these three sites.
A lack of affordable housing in the region continues to be a critical challenge and the City is engaging with the provincial and federal governments to identify and fund solutions.
The Province is investing more than $7 billion in affordable housing over the next 10 years. This includes a $1.9 billion investment to build more than 14,000 new affordable rental homes through the new Building BC: Community Housing Fund.
"This agreement sets the stage to build hundreds of sorely-needed affordable rental homes for people in Vancouver," said Selina Robinson, Minister for Municipal Affairs and Housing. "Through strong partnerships we will continue to invest in important projects like these to make sure more people have access to homes they can afford, something that everyone in B.C. deserves."
These new homes would be part of the City's larger goals of approving a target of 12,000 new units of permanent social and supportive housing over the next 10 years as part of the Housing Vancouver strategy.
This framework agreement is expressed in a Memorandum of Understanding signed by all three organizations, with the details around implementation still to be determined. Concord will continue to own the remaining three sites.
"This agreement will continue to strengthen our ability to support residents with a diversity of incomes by delivering more affordable non-market housing in Yaletown. These sites have been vacant for decades, and being able to move forward with up to 650 affordable homes is a significant win." - Gil Kelley, General Manager of Planning, Urban Design, and Sustainability, City of Vancouver
"Concord Pacific is pleased to support this diverse and ambitious housing initiative. It will provide numerous benefits to the many people living in Vancouver's downtown. Together with the planning of NEFC, it marks one of the final milestones of completing the Concord Pacific Place community. We commend BC Housing and the City of Vancouver for bringing this plan together." - Matt Meehan, Senior Vice-President of Planning, Concord Pacific
"We applaud the announcement of up to 650 new affordable homes close to transit and amenities, on land that has been vacant for too long. The creativity of the City of Vancouver, the Province and Concord Pacific demonstrates a commitment to increasing the supply of affordable housing in the city, and an understanding that the community housing sector is critical to protecting affordability now and into the future." - Jill Atkey, Chief Executive Officer, BC Non-Profit Housing Association.