The City of Vancouver and Concord Pacific have reached an agreement that will bring more than 670 affordable rental homes to False Creek North. This landmark deal includes $110 million in cash contributions from Concord Pacific, which will be used to fund the new street network planned for Northeast False Creek. In addition, Concord Pacific has waived the city’s $11 million option price on the three sites, resulting in a total value of $121 million in financial contributions.

Vancouver Mayor Ken Sim expressed his excitement about the projects, highlighting the importance of creating a vibrant, inclusive, and sustainable neighborhood for families of all income levels. The three sites involved in the agreement include a 28-storey mixed-use residential building on 990 Beatty St., a 29-storey building at 1050 Expo Blvd., and a seven-storey rental building. These developments will provide a total of 670 affordable housing units, with a focus on housing for families.

The new firehall at 990 Beatty will replace the existing Firehall 8 and will be designed to Passive House standards. Public Architecture is designing the buildings, while Brightside Community Homes Foundation, BC Indigenous Housing Society, and Entre Nous Femmes Housing Society with the Hogan’s Alley Society will deliver and operate the housing units.

This agreement marks a significant step forward in addressing the housing affordability crisis in Vancouver and demonstrates the city’s commitment to creating accessible housing options for all residents. With the support of Concord Pacific and the dedication of various organizations, Vancouver is well on its way to building a stronger and more inclusive community for future generations.

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