Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
The northeast corner of False Creek has long been something of a no man’s land. Pre-Expo 86 it was largely industrial; post-Expo it’s mostly been parking lots.
But not for much longer. After a long and sometimes tortuous special council meeting Tuesday, Vancouver council passed its Northeast False Creek plan.
The 20-year plan includes $1.7 billion in benefits for the city, which hopes to recoup most or even all of the cost from development levies and contributions from the federal and provincial governments.
Six hundred million dollars will go to affordable housing, and $360 million to “critical infrastructure” such as tearing down the Georgia and Dunsmuir Viaducts and replacing them with a new street network.
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The basic idea is to redevelop the site into a new waterfront neighbourhood with 10,000 to 12,000 residents. It will have an Indigenous name, which will be determined after consultation with the Musqueam, Squamish and Tsleil Waututh First Nations.
Most of the new residents will be housed in 20 to 25 highrise towers that will stretch from the Plaza of Nations on the west to Carrall Street on the east.