Four years after the city signed an agreement with the provincial government to redevelop the Little Mountain housing complex, the developer has yet to break ground on the project.
Housing Minister Rich Coleman said construction is being held up by the city and Holborn Properties as they attempt to finalize the size of the development, which will include the replacement of 224 units of social housing.
Its not in our hands, Coleman said. Were ready to go. Our developer has been back and forth with the city on discussions on density and that sort of stuff and it keeps moving around on what that density is.
Coleman said discussions about the size of the mixed-used development, which will likely include towers, has gone on way too long. The redevelopment of the 1954-era public housing project is key to Colemans plans for building social housing in B.C., particularly in Vancouver. At a news conference Monday, where Coleman officially opened the Sorella housing project for women in the Downtown Eastside, he pointed out that profits from the Little Mountain complex will be used to help pay for the $26.8 million building on Abbott Street.
In June 2007, the provincial government signed a memorandum of understanding with the city that said the government will invest all net proceeds from the sale and redevelopment of the site into constructing social housing in B.C. Half the proceeds are to be invested in Vancouver, according to the memorandum, which doesnt provide dollar values for the land or estimates on returns from the sale of Little Mountain.
Mayor Gregor Robertson acknowledged the ongoing debate about the project but said he was hopeful the developer would present a development application to council by next year. Its getting close on the community consultation being completed enough for the application to come forward, he said.
A major source of the funding to construct 14 social housing complexes on city-owned sitesfour, including the Sorella, have already openedis expected to come from the Little Mountain deal.
The provincial government is operating essentially under a line of credit to continue constructing buildings on the 14 properties. Total cost to construct the 14 buildings, which includes $20 million from the Streetohome Foundation, is $333 million.
Coleman previously told the Courier that he was comfortable with the numbers when asked if the sale and redevelopment of Little Mountain will return enough money to pay off the line of credit. Most of the 1954-era Little Mountain complex was demolished in the fall of 2009 because the government said the units were in bad shape and required costly repairs and extensive maintenance.
Before it was demolished, the complex was considered the oldest of its kind in Vancouver. The 15-acre site is next to Queen Elizabeth Park and south of Nat Bailey Stadium, between Main and Ontario streets. Meanwhile, Coleman signed a $180-million funding agreement Monday with federal minister James Moorewho represented Diane Finley, the federal minister responsible for housingaimed at creating more affordable housing options for B.C. residents.
Twitter: @Howellings
