False Creek South development faces uncertain future
WATCH: Some residents in False Creek South fear that a highrise development will possibly destroy their views in the future. Jas Johal has more on why their piece of paradise might be lost.
Across from Yaletown between the Cambie and Granville Street bridges, close to 6,000 people live in the neighbourhood of False Creek South.
Like Yaletown, the nearly 6,000 residents have amazing views of the waterfront. But False Creek South is on city-owned land, full of low-rise buildings. While some housing units are at market rates, the majority of buildings are Co-op or non-profit.
That may change in the coming decades. The first leases run out in seven years, with the majority expiring in 2036.
Already banks are making it difficult to secure new mortgages on buildings, or secure loans for needed renovations.
The city has the right to renew the leases, or buy them back and rezone them for bigger condos.
Residents of False Creek South have formed a group called Re*Plan. They’re hoping to create a consensus position among residents – and then convince the city to renew the leases.
– With files from Jas Johal