Concord Pacific offers $110 million, affordable housing sites in False Creek

Concord Pacific provides $110 million and affordable housing sites in False Creek North

Potential form of the 28- and 29-storey below-market housing towers in False Creek North. (City of Vancouver)

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.

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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.

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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)

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.

990 Beatty Street: 28-storey tower

The vacant site of 990 Beatty Street — the southeast corner of the intersection of Beatty Street and Nelson Street/Cambie Street Bridge — is proposed to become a 28-storey tower.

There would be 288 units — 98 studios, 88 one-bedroom units, 98 two-bedroom units, and four three-bedroom units — within a 280-ft-tall, 28-storey tower.

This 231,000 sq ft building would entail 207,000 sq ft of non-market housing floor area, a 6,300 sq ft childcare facility with a capacity for 44 kids, and an 18,000 sq ft fire hall. The floor area ratio (FAR) density would reach a floor area of 7.5 times larger than the size of the 31,000 sq ft lot.

Existing condition:

Existing condition of the site at 990 Beatty Street, Vancouver. (Google Maps)

Future condition:

Proposed form for the non-market housing tower at 990 Beatty Street, Vancouver, including a new fire hall and childcare facility. (City of Vancouver)

1050 Expo Boulevard: 29-storey tower

Just kitty corner from 990 Beatty Street is the 41,700 sq ft triangular-shaped site of 1050 Expo Boulevard, currently used as a surface parking lot — framed by Cambie Street Bridge, Expo Boulevard, and Pacific Boulevard, immediately adjacent to the Expo ’86 giant ring monument.

A 289-ft-tall, 29-storey tower would contain 255,000 sq ft of total building floor area, with 296 non-market housing units — 108 studios, 69 one-bedroom units, 91 two-bedroom units, and 28 three-bedroom units. The FAR density would reach 6.1.

Existing condition:

Existing condition of the site at 1050 Expo Boulevard, Vancouver. (Google Maps)

Future condition:

Proposed form of the non-market housing tower at 1050 Expo Boulevard, Vancouver. (City of Vancouver)

450 Pacific Boulevard: 7-storey building

The third site for non-market housing is at 450 Pacific Boulevard — located to the west of David Lam Park.

This site is proposed to become a 74-ft-tall, seven-storey building with 76,000 sq ft of total building floor area, with 90 units of non-market housing — 30 studios, 26 one-bedroom units, 23 two-bedroom units, and 11 three-bedroom units. The FAR density on this smaller 21,500 sq ft lot would reach 3.5.

Existing condition:

Existing condition of the site at 450 Pacific Boulevard, Vancouver. (Google Maps)

Future condition:

Proposed form of the non-market housing building at 450 Pacific Street, Vancouver. (City of Vancouver)

“Together with the City of Vancouver, the Province is committed to tackling the housing crisis that has forced too many people to move away from the community they call home. This proposal for [about] 650 new non-market affordable homes will deliver the supply of affordable housing that Vancouver needs,” said Ravi Kahlon, the BC Minister of Housing.

In exchange for Concord Pacific’s transfer of the three non-market housing sites and cash contribution to the City of Vancouver, the municipal government will remove the non-market housing obligations for the remaining three properties of 431 Beach Crescent, 1502 Granville Street, and 900 Pacific Boulevard, and allow the developer to retain ownership and build condominiums.

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