A report from City of Vancouver staff offers a new vision for False Creek South, potentially tripling the number of homes in the neighbourhood.
The report outlines a phased approach to developing the area, about 80 per cent of which is city-owned land with leases set to expire in the next 15 to 25 years.
The first phase would see the number of housing units increase from 1,849 to 3,770. Another 2,875 units would be added in the second phase, bringing the total to 6,645, with a mix of one-third market strata freehold, one-third market rentals and a third non-market co-op housing.
Funding for the development would come from the Property Endowment Fund and the Vancouver Affordable Housing Endowment Fund.
A survey of False Creek South residents found that they wanted their leases extended, and also found broad support for increased housing and density, the report said.
Covering a stretch of land between the Burrard Street Bridge and the Cambie Bridge, False Creek South was transformed from an industrial area into a residential neighbourhood in the 1970s and is now home to approximately 5,500 people.
The report is set to be presented to city council on Oct. 21.