British Columbia

Agreement will see 650 affordable housing units built in Vancouver's Yaletown

On his last full day as mayor of Vancouver, Gregor Robertson announced what he called an historic framework agreement between the city, B.C. Housing and Concord Pacific to build up to 650 units of affordable non-market housing in Yaletown

Half will be geared toward families with household incomes between $30K and $80K

Outgoing Vancouver Mayor Gregor Robertson announces a new housing partnership in Yaletown on Friday flanked by provincial Housing Minister Selina Robinson and Matt Meehan of developer Concord Pacific. (Tristan Le Rudulier/CBC)

On his last full day as mayor of Vancouver, Gregor Robertson announced what he called an historic framework agreement between the city, B.C. Housing and Concord Pacific to build up to 650 units of affordable, non-market housing in Yaletown.

The units will be geared to households with annual incomes between $30,000 and $80,000 and 50 per cent will go to families.

"After decades of six parcels of downtown land sitting empty, we have an historic agreement" said 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."

A map showing the locations, in green, of affordable housing to be built as part of Vancouver's Northeast False Creek Plan. (City of Vancouver)

Concord Pacific has owned most of the land on the north shore of False Creek — including the six sites covered by the announcement — since 1988. The provincial government sold the land after it was home to Expo 86. 

Friday's announcement proposes transferring ownership of three of sites to the city to build affordable units. The remaining three sites would be zoned for mixed-use, market-priced housing which Concord Pacific would own and develop, according to a statement from the City.

The framework agreement will still have to go through the planning and rezoning process. The city said the next steps are to select non-profit housing providers, develop a plan for the buildings and make final funding allocations, all in partnership with B.C. Housing.

Vancouver revealed its final plans for post-viaduct North East False Creek in January.

The plans were prompted by the city's 2015 decision to tear down the Georgia and Dunsmuir viaducts, offering an opportunity to redevelop the downtown neighbourhood.

At the time, the city said it expects up to 12,000 new residents to move into the area along with roughly 1,800 new affordable housing units.