The vice-president of a development company that stands to gain financially from the proposed demolition of the Georgia and Dunsmuir viaducts says the new neighbourhood planned for the area will not be solely for wealthy buyers.
If city council approves demolition, Peter Webb said affordable housing will be 鈥渁ddressed鈥� by Concord Pacific once negotiations begin with the city on what will be built on the swath of land between B.C. Place Stadium and Chinatown.
Concord owns several parcels of land adjacent to the viaducts and supports city staff鈥檚 recommendation to knock down the elevated roadways. Council is expected to decide Tuesday on the fate of the viaducts.
鈥淲e don鈥檛 see this as a highly exclusive neighbourhood that we just sell for a fortune and wander off,鈥� Webb told Mayor Gregor Robertson at a council meeting held Wednesday to hear from speakers on staff鈥檚 recommendation to demolish the viaducts. 鈥淲e understand the affordability of housing, the parks and community uses in the area, daycares, schools, seawalls, parks 鈥� all of those things are important parts of the development. And we recognize that in the rezoning process, we鈥檒l have to address all of those topics together with the city in a sort of partnership way.鈥�
Webb鈥檚 response came after Robertson asked him about Concord鈥檚 commitment to affordable housing and park space in Northeast False Creek. Webb said Concord agrees with the city鈥檚 plan for the neighbourhood, which includes affordable housing and construction of more than 13 acres of park space near Science World.
鈥淎t this stage that we鈥檙e talking about, this is not a Concord master plan development, this is the city deciding what鈥檚 best for this end of False Creek,鈥� Webb told the mayor. 鈥淲hat we鈥檝e done is read your report and we actually support it. We think it鈥檚 very good planning.鈥�
But what affordable housing looks like and whether it will actually be built on the lands 鈥� or created elsewhere as part of land swaps between Concord and the city 鈥� is still an open question. City staff鈥檚 report doesn鈥檛 provide a definition for affordable housing in this context, although it typically means rental housing or homes built for people on lower incomes. Subsidies are often involved.
In an interview following his presentation to council, Webb pointed out Concord owns five non-market housing sites outside the former Expo 86 lands that he said are waiting for senior levels of government to finance for construction.
鈥淪o to create new ones on this site might not make sense, but maybe it does,鈥� he said. Since Concord purchased the lands in 1988, Webb said the company has committed to 20 per cent of its developments to affordable housing. 鈥淚t鈥檚 one of the things that will be debated. There may be a way to convert that 20 per cent to funding to build the other ones. I鈥檓 not sure.鈥�
When asked by Green Party Coun. Adriane Carr whether the demolition of the viaducts would increase the value of Concord鈥檚 property, Webb said it was 鈥渁 fair statement.鈥�
The city staff report says the net cost of knocking down the viaducts is $90 million to $127 million. Brian Jackson, the city鈥檚 chief planner, told council Tuesday that at least $300 million could be recouped via community amenity contributions, development cost levies and land sales.
When the Courier asked Webb how much of that $300 million will come from Concord, he said: 鈥淲e haven鈥檛 had the money negotiations with the city, but I鈥檓 envisioning they鈥檙e imagining a lot of that is coming from us, and it may well.鈥�
Another possible funding source to pay for the project is related to the original deal Concord signed with the provincial government when it purchased the lands in 1988. Called the 鈥減ublic participation mortgage agreement,鈥� Concord is required to make payments to the government 鈥� in addition to the original sale price 鈥� when it surpasses the amount of density allowed for development on the lands.
According to Webb, Concord is already at the 鈥渢ipping point鈥� and 鈥渙n the cusp of completely exhausting existing density negotiations鈥� reached with the government in 1988. The staff report suggests any additional payments 鈥� which Webb described as 鈥渟ort of found money鈥� 鈥� be redirected to the city as part of the funding strategy.
Asked how much money that could be, Webb said it was 鈥渁 fairly sizeable number.鈥�
Council resumes at 4 p.m. Tuesday (Oct. 27) to hear from more speakers and then is expected to make a decision on whether the viaducts should be demolished.
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