The City of Vancouver is going to get a piece of land for social housing from a proposed condo development in River District.
The developer is to transfer a portion of the project’s site to the city to meet the affordable housing requirement of the official development plan (ODP) for the district that is also known as East Fraser Lands (EFL).
The proposed development is on a 49,756-square-foot site at the southeast corner of Kerr Street and Southeast Marine Drive.
A rezoning application has been filed to change the reclassification of the property from industrial to comprehensive.
According to a report to council by city planner Karen Hoese, the rezoning will allow for two parcels to be developed separately.
Hoese explained that the north parcel will be used for a seven-storey condo building with 83 strata units.
The south parcel is “proposed to be transferred to the City to provide social housing in accordance with the EFL ODP”.
According to Hoese, the south parcel would have an approximate area of 13,132 square feet.
The ODP for the 51-hectare EFL provides that 20 percent of residential units should be devoted to affordable housing.
“The dedication to the City of the south portion of the site meets the affordable housing requirement of the ODP,” Hoese wrote.
Hoese explained that the city defines social housing as rental housing where 30 percent of the units are occupied by households whose incomes cannot afford market rates.
“For the subject site, though the option of providing turn-key units to meet the 20% social housing requirement was examined during early stages of the rezoning review process, given the overall financial performance of the project and other City servicing requirements, the applicant has offered the South Parcel to the City,” according to Hoese.
The parcel will be developed by the city's Vancouver Affordable Housing Agency.
The rezoning application was filed Gracorp Capital Advisors Ltd. on behalf of 1096351 B.C. Ltd.
The East Fraser Lands used to be the home of the Canadian White Pine mill.
The 51-hectare area by the north arm of the Fraser River is now being built into a predominantly residential community, mostly by Wesgroup Properties.
The rezoning application is included in the public hearing agenda of council on Thursday (January 23).