The City of Vancouver owns roughly 80 per cent of the land in False Creek South, which is made up of a mix of co-op and non-market housing, leasehold stratas and market rental homes.
Vancouver City Hall has released a proposed concept, years in the making, for the future of 32 hectares of city-owned land on the south shore of False Creek.
City staff released a report Tuesday afternoon, which will be on the agenda at a public council meeting next week, outlining what’s described as a “conceptual development plan” for False Creek South. Staff are seeking council’s direction to take the next steps in planning the area’s development and densification over the coming decades, as well as sorting out the leases for co-ops, non-market housing and strata homes on city-owned land.
The city owns roughly 80 per cent of the land in False Creek South, a former industrial area that was redeveloped in the 1970s and is now made up of a mix of co-op and non-market housing, leasehold stratas and market rental homes.
Details are still needed to be hammered out but city staff are proposing a two-phase development.
The first phase, contemplated to be built out by 2040, would more than double the current number of homes on the city-owned land in False Creek, increasing from 1,849 residential units today (comprised of 1,031 non-market and co-op units, 668 market strata and 150 market rental) to 3,770 homes (roughly 1,500 non-market and co-op units, 1,350 strata and 920 market rental).
By the end of Phase 2, the number of homes would be more than triple what it is today (with a projected 2,275 non-market and co-op units, 2,350 strata and 2,020 market rental).
If council approves the next steps, staff would also get to work on formal talks for resolving the issue of leases on city-owned land, for market strata units, non-market housing and co-ops. City staff have been working for years to resolve those leases, some of which are set to expire soon, but work on that has been stalled recently. If council approve next week’s report, formal lease negotiations could be underway within weeks.
More to come …
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