5,000 homes potentially coming to False Creek North

What happened: After a long wait, the undeveloped False Creek North area owned by Concord Pacific has taken a small but significant step forward, with the company releasing early details on a plan to build 5,000 homes and 12 towers, according to the Vancouver Sun — with one catch.

The catch: The development proposal requires the removal of the Georgia Viaduct, a long-gestating plan that has moved in fits and starts over the last few years. The removal was approved in 2018, with a plan to start taking it down in 2020. Costs got in the way, according to Urbanized, with about $360 million needed for demolition and replacement back in 2018. The cost to tear it down and replace it is now estimated to be around $438 million, according to the Globe and Mail. 

• Removing the viaducts would need to be funded by developers and the city. Recently developers have committed $210 million to do that, but the project still needs more funding. Concord has indicated that the city seems supportive of finding a way to replace the roadways.

History: An agreement between the city and Concord back in April 2014 saw the transfer of three undeveloped lots from Concord to the city to build 670 affordable rental units, while Concord Pacific got unencumbered ownership of three other lots nearby for market housing, according to the Vancouver Sun. 

Plan in detail: The area in question is between Plaza of Nations and Science World and would include 12 stacked towers, with the largest being 65 storeys. That would be the highest tower in the city by three stories. The ground level would include a retail hub. 

Timeline: It will be at least two to three years before the development happens, including submitting a rezoning permit. These proposed developments usually undergo many changes during that time.