City’s 20-year plan envisages parks, a boardwalk, shopping, community centres
Joel Baglole
Sun
An architect’s drawing shows the proposed Athletes Village in southeast False Creek for the 2010 Winter Games
VANCOUVER – The City of Vancouver has put a price tag of $1.2 billion on the cost to transform southeast False Creek from an industrial area into an urban waterfront community over the next 20 years.
The city’s financial planning office has published a report detailing the cost to redevelop 32 hectares of land in the southeast area of False Creek, including the construction of the Athletes Village for the 2010 Winter Olympics.
The report, which will be presented to Vancouver city council on Tuesday, forecasts that it will cost as much as $1.2 billion to overhaul the aging industrial area along False Creek and turn it into a residential centre complete with parks, community centres, daycare facilities, a boardwalk, a boating area and commercial shopping.
The report is an updated financial plan for the False Creek project, which has been on the drawing board for about 25 years, said Ken Bayne, director of financial planning with the City of Vancouver.
“The market will ultimately determine how quickly the site is developed, but the expectation is that this neighbourhood will take 15 to 18 years to build out,” he said.
Vancouver city council was presented with an official development plan for Southeast False Creek on July 26 last year, but requested changes to the plan, including a more attractive waterfront area and the construction of low and mid-rise buildings on the site instead of high-rise towers.
The City of Vancouver owns 20 of the 32 hectares to be developed. The remaining 12 hectares is owned by the Greater Vancouver Transportation Authority (TransLink) and private developers.
The financial plan estimates it will cost the city $250 million to build the area’s amenities such as parks, as well as service the 20 hectares of land the city owns with sewers, roads and street lights.
A further $900 million will need to be spent by private developers to service the remaining area and construct a mix of housing in the neighbourhood — from high-end condominiums to homes for low-income residents.
Bayne said the city forecasts it will make a profit of about $85 million by selling the land it owns to private developers after it is serviced.
However, all profits will be put toward the cost of building community amenities such as daycare centres and parks, making the project revenue-neutral for the city.
Private developers welcomed news of the financial plan Thursday, saying it is a step forward.
“We’ve waited patiently year after year for something to happen with this project,” said Michael Audain, chairman of Polygon Homes Ltd., which owns 60,000 square feet of land in the 300 block of West First. “This area is a jewel in the crown of Vancouver, and we’re pleased that the Olympics has finally spurred on this development,” he added.
But developers shouldn’t get too excited. Bayne said the city’s priority is to first rezone and begin building on the tract of land that will house the Olympic Village.
“Most other areas will not be rezoned until after the Olympics,” he said. “This is something that will happen over 18 years, not by 2010.”
When the Olympic Village’s construction will begin, and which developer will build it haven’t been decided, said Bayne.
Public hearings into the proposed financial plan will begin at Tuesday’s city council meeting, said Bayne. Council has scheduled Feb. 14 as a date to continue with the public hearings.
Bayne said he doesn’t know how long the public hearings will take, or if council will approve the financial plan in its current form.
“All I can say is that I don’t expect any decisions will be made on Feb. 1,” he said.
