Quote:
Originally Posted by GenWhy?
I think they formally applied for rezoning in 2017 and just now got funding. I think it was bloody ten years ago by now that the City offered up the land maybe? Before my time here.
Standard biggest hold back for these is the funding from design all the way up to construction finance and then of course operations. Lots of hoops with 3 tiers of government.
|
Yes, it was first submitted for rezoning in 2017, and revised a bit after the UDP suggested some changes (which the architect acknowledged would improve it). City Council approved the rezoning in January 2018 - so that wasn't the holdup.
The City of Vancouver's financial contribution is the site, which they acquired from Concord Pacific (who originally planned condos here) as a CAC through bonus space from rezoning for The Arc and One Pacific. The Chinatown Foundation have fundraised $30m, which has taken a while. The Province are contributing $33.6m and
yesterday the Federal Government announced total NHCF (National Housing Co-Investment Fund) funding of $45.8M, which includes a $18.5M contribution and a $27.3M repayable loan.
Threaded Mode