City of Vancouver reaches agreement with Concord Pacific, splitting six undeveloped lots on former Expo 86 grounds

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The City of Vancouver and developer Concord Pacific have agreed to split six lots on the former Expo 86 site in False Creek North, with the city converting its three to non-commercial housing.

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Concord Pacific will develop its three lots into market housing and has agreed to give the city $110 million in cash and forgive an $11 million option payment for the land.

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The plan will require amendments to the Official False Creek North Development Plan and must be made available to the public for input.

On Monday, the city’s communications department revealed some details of the deal, stating that the city would build 650 off-market suites on its three lots.

“The agreement with Concord Pacific creates an opportunity for the city to partner with BC Housing to develop these new, off-market homes on three sites in False Creek North,” the statement read.

“These sites will also create an opportunity to locate new public services for False Creek North, including a fire station and child care center.

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“In addition to the three housing sites, the City will receive $110 million in cash contributions that could be used or appropriated to fund the planned new street network for Northeast False Creek. 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.”

The official False Creek North Development Plan was published in 1990 to guide development on the former Expo 86 site, now known as False Creek North, after the government property was sold to Hong Kong-based tycoon, Li Ka-shing. Concord Pacific was the company created by Li to manage the development.

The plan called for 12 lots to be set aside for non-commercial housing, with six built so far comprising about 540 units. The city has the option to purchase the remaining six undeveloped lots, which are the subject of the proposed agreement.

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In 1999, Li sold a majority stake in Concord Pacific to the Hui family, which still controls the company under Terry Hui, with the 12 lots valued at $22.8 million.

Last year, the city approved an agreement that would allow it to get three of the remaining lots for free, while freeing Concord Pacific from the requirement to convert its three lots to non-commercial housing.

“In exchange for the three off-market housing sites, the cash payment and other benefits from Concord Pacific, the City will release its purchase options on the remaining three sites, allowing Concord Pacific lien-free property to develop. market housing,” the city statement read. .

The six lots are primely located between the northern ends of the Cambie and Granville Street bridges.

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Public information sessions explaining the agreement will be held at the Roundhouse Community Center on February 22 and 25.

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