Downtown Vancouver Condo Project Revisions Shift $67M to Social Housing

UPDATE: A long-stalled redevelopment project in downtown Vancouver is making headlines as developers shift a significant portion of funding to social housing. Landa Global Properties and Asia Standard Americas have just announced a revised rezoning application for the mixed-use towers at 1444 Alberni St. and 740 Nicola St., altering the community amenity contributions (CACs) package.

This urgent update follows seven years of delays. The original rezoning, approved in September 2018, was designed during the final weeks of the Vision Vancouver-led City Council. The new plan retains the same architectural design, with a 405-ft-tall tower featuring 43 storeys and a 442-ft-tall tower with 48 storeys, while significantly changing the housing mix.

In a move aimed at enhancing the project’s financial viability, the developers have reduced the commitment to a Passive House green building certification, previously touted as a world-first for height. The project will now include 443 homes, with a critical shift in the rental component: 51 units will now be designated as social housing, redirecting approximately $67 million from cash payments to in-kind public benefits.

The previous plan included 314 strata market ownership condominiums and 129 secured purpose-built market rentals, designed to replace existing rental units on the site. Now, the revised CACs package maintains the $75 million value, but emphasizes on-site affordable housing as a key benefit.

The site is currently occupied by a 1970-built, 19-storey building with 129 rental homes and nearly 37,000 sq. ft. of office space. As pressures mount for social housing in the city, this decision reflects a broader trend among developers seeking flexibility with CAC obligations.

The redevelopment will reach a total building area of 627,000 sq. ft., with a floor area ratio (FAR) of 14.48, slightly less than the previous proposal. Six underground parking levels will remain unchanged, accommodating 484 stalls.

This project marks a pivotal moment in Vancouver’s housing landscape, as local authorities push for increased social housing contributions amidst rising demand. The community is watching closely as this significant shift in strategy could serve as a model for future developments in the city.

Stay tuned for the latest updates on this developing story as the situation evolves.