VANCOUVER — The City of Vancouver will get as much as $32.8 million in community contributions and development charges from Holborn Properties’ long-delayed Little Mountain housing redevelopment.
But all of that money will be plowed back into a complex public benefit program for the neighbourhood, including a neighbourhood house, child care facility and improvements to transportation and parks.
The contributions represent potentially one of the biggest paydays for the city from private developers who now have to share the profit they make when land is rezoned for high-density housing.
In a report going to city council Tuesday, city planners say they’ve hammered out a long-awaited agreement with Holborn for what should be built on the 6.2 hectare L-shaped property at Main Street and 33rd Avenue near Queen Elizabeth Park.
