City breaks ground on 135 units of affordable housing geared towards families
This morning the City officially broke ground on a development with 135 units of affordable housing geared towards families, to be constructed on the 6.4 acre Southeast False Creek site being developed by Concert Properties.
Located at the northwest corner of Quebec Street and 1st Avenue, bounded by the False Creek seawall and Ontario Street, this 15 storey building will create affordable family housing, enabling families to live close to work, waterfront amenities and transit.
"We want to ensure that families are not just able to live in Vancouver, but to thrive here. This project is creating more homes geared towards families in a neighbourhood where they can access outdoor recreation, community centres, transit and jobs," said Mayor Gregor Robertson.
"We recognize the affordability crisis our city is facing and City Hall is doing everything we can to increase a wide range of housing opportunities in Vancouver."
Exceeding the Southeast False Creek Official Development Plan requirements, 54 per cent of the 135 units are targeted towards families with children: 44 two bedroom and 29 three bedroom suites. Two in-home daycare units will also be included.
The housing units will meet both the Affordable and Modest Market housing requirements of the official development plan for the area, which means that at least 40 per cent of the units in this building will rent below the Housing Income Limits and the remaining 60 per cent at modest market rents for the area.
Housing Income Limits will ensure that at least 40 per cent of the homes in this building are targeted to people with an annual income ranging from $36,500 up to $56,000.
This building is part of a larger master-plan community being developed by Concert Properties called The Creek, which also includes four market housing buildings containing approximately 450 suites, and a 2.7 acre waterfront park.
"We are proud of our plans for The Creek and the contributions it is making towards the provision for new affordable housing and a future waterfront park in Vancouver," said Brian McCauley, President and Chief Operating Officer of Concert.
"As a company who has been committed to building strong, sustainable communities across Canada since 1989, we are grateful for the opportunity to assist the City with the development of this important affordable housing project."
The total development costs for the building are $38.75 million. Through partnerships like this one, the City is demonstrating success in creating affordable housing but needs both the Provincial and Federal Governments to support its efforts to expand affordability.
Completion of the project is expected by mid-2018. Upon completion the City will own the land and building and select a non-profit housing operator to lease and operate the building.