Excerpt: A controversial piece of property owned by the City of Vancouver has been sold to a local developer for $20-million and a promise to develop tens of millions of dollars’ worth of affordable-housing units.
The city announced on Monday that Pinnacle International Inc. beat three other bidders for the property at 601 Beach Crescent downtown, near the Granville Bridge, with a commitment to provide 152 affordable-housing units.
In exchange, the developer is expected to seek higher density during a planned rezoning process for the property, allowing Pinnacle to build more than the 138 market units allowed there, although it is not clear how large the final project will be.
SPECIAL TO THE GLOBE AND MAIL
PUBLISHED NOVEMBER 21, 2016