Olympic Village & Southeast False Creek Updates Discussion

[whatnext]

Darn, should've snapped a unit up there while prices were depressed due to uncertainty! Still, it is only a 20 year extension.

Vancouver offers to extend leases to residents of 13 buildings in False Creek South
Kerry Gold
VANCOUVER
SPECIAL TO THE GLOBE AND MAIL
PUBLISHED 6 HOURS AGO

After years of uncertainty, the owners of 13 strata leasehold buildings in Vancouver’s False Creek South neighbourhood have been offered extensions on their leases with the city.

The local government is offering an additional 20 years on top of the existing leases, which is shorter than the 99-year leases the owners had originally requested – but at least they’re on the path, as one False Creek South resident put it.

City council and the board members of the Strata Leaseholders Society, which is the bargaining agent for the majority of strata leaseholders that formed in 2018, are in support of the extension offer, which is part of a lease renewal package for the stratas on city-owned land.

There are 669 leases for the 13 strata residences that sit along the False Creek shoreline, between Cambie and Burrard Street bridges. The society members will vote on the package on Sept. 21. If the group’s members accept the proposal, then a modified lease that includes the 20-year extension would be offered to the 669 strata leasehold owners who could individually choose to take it or leave it....

The co-ops have been watching their leasehold strata neighbours work out a deal and they hope this might be a sign that they, too, will obtain extensions. But for many years, the future of the neighbourhood has been up in the air, and the city’s original plan released last fall showed that the co-ops would be torn down and redeveloped. It remains to be seen what the city will plan for them next. Complicating the matter is that the city is both landlord and land-use planner, which has made lease renewals a complicated issue that’s dragged on for years.

The stratas “have a path now – maybe not as long as people wanted, but it’s clarity,” said Nancy Hannum, co-chair of the Co-op Committee of False Creek South Neighbourhood Association’s RePlan. “We don’t have that.”

Ms. Hannum said there are five co-op buildings awaiting renewals, and until then, they have an uncertain future...

https://www.theglobeandmail.com/real-est...-leases-to-residents-of-13-buildings-in/