City of Vancouver Preparing Plan for False Creek South Land Leases
The City of Vancouver Council will receive a staff report this week providing an update and high-level strategy to deal with the long-term land leases covering much of the False Creek South neighbourhood. What will likely follow is a multi-year planning process that will pave the way for redevelopment of some portions of the land.
False Creek South covers 136 acres extending along the waterfront from the Burrard Street Bridge to the Cambie Street bridge (excluding Granville Island), and it includes 23 acres of parks. About 80% of the land is owned by the City and was developed primarily in the 1970’s as either market strata, rental apartments, or co-ops.
Most of the housing on City-owned land are on ground leases, the majority of which are set to expire between 2036 and 2046 (with one co-op expiring as early as 2022. This includes 669 residential strata units and 48 commercial strata units.
The City is now proposing to work over the balance of 2016 to establish a foundation before a new community plan is developed in the coming years. Overall work includes: