Plans for the future of 32 hectares in Vancouver’s False Creek neighbourhood are slowly, but surely, coming together, as city staff put forth a proposal Tuesday.
About 80 per cent of False Creek is owned by the City of Vancouver, and with leases on that land expiring in the next 15 to 25 years, the report says the city has the opportunity to renew the original plan for the neighbourhood first developed in the ’70s.
The report proposes that development in the area happen over two phases. Their preferred plan for new sites and open space could begin as early as next year — and would be developed into 2040.
There are currently approximately 5,500 people living in False Creek South in a total of 1,849 housing units. City-owned land in the False Creek South area spans from the Burrard Street Bridge to the Cambie Bridge, running along Sixth and Fourth avenues. It doesn’t include Granville Island.
Staff believe that by the end of the Phase 1, the number of housing units in the area could more than double. Phase 2 could potentially add a further 2,875 units.
The report says the development would be funded by the Property Endowment Fund and the Vancouver Affordable Housing Endowment Fund.
A citywide engagement session held earlier this year found that residents’ priorities vary. There was broad support for increased density, housing for families, accessibility and development of vacant lands in a phased approach to minimize disruption in the neighbourhood.
False Creek residents, specifically, wanted their current leases extended.
The city will enter lease extension negotiations and redevelopment discussions with co-op housing stakeholders later this year.
Environmental and social concerns are a high priority, the report says.
Staff are now looking for direction from city council for the next planning steps which will involve all city departments and further public engagement.