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VANCOUVER – The City of Vancouver has signed a land transfer agreement with Concord Pacific that will lead to more than 670 affordable rental homes on three sites on False Creek North.

Through the agreement, Vancouver will also receive $110 million in cash contributions from Concord Pacific to be used or allocated to fund the new street network planned for Northeast False Creek, a City of Vancouver release said. Concord Pacific will also waive the city’s $11 million option price on the three sites, for a total value of $121 million in financial contributions.

“We are thrilled to move forward with these projects, which will create over 670 affordable housing units in False Creek North. This is an exciting step towards building a vibrant, inclusive, and sustainable neighbourhood for families of all income levels,” Vancouver Mayor Ken Sim said in a statement.

The three sites are:

• A 28-storey mixed-use residential building on 990 Beatty St. operated by Brightside Community Homes Foundation and comprises 283 social housing units with 108 of the units geared to families. The building will also include a firehall and 44-space child care facility and is being designed by Francl Architecture.
• A 29-storey building at 1050 Expo Blvd. comprised of 299 social housing units, 112 of which are for families. Public Architecture is designing the building and it will be delivered and operated by the BC Indigenous Housing Society.
• A seven-storey rental building with 91 social housing units, 34 of which are geared towards family use delivered and operated by Entre Nous Femmes Housing Society with the Hogan’s Alley Society. Public Architecture will design the building.

The new firehall at 990 Beatty replaces the existing Firehall 8 and will be designed to Passive House standards.