Vancouver agreement could produce 650 affordable homes in False Creek North

VANCOUVER — Through an agreement with Concord Pacific, the City of Vancouver is preparing to build 650 affordable homes in False Creek North.

The agreement creates the opportunity for the city to partner with BC Housing to develop non-market homes, a fire hall and a child care facility on three sites in the neighbourhood, according to a news release.

Through the agreement, the city will receive the three sites, $110 million in cash contributions and Concord waived the $11 million option price for the three sites for a total of $121 million in financial contributions.