City of Vancouver strikes deal with Concord Pacific, splitting six undeveloped lots on old Expo 86 lands

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

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

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

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

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