Concord Pacific Unveils $1.3 Billion Neighbourhood

The developer estimates that the neighbourhood will bring in a further 3,000 residents to downtown Vancouver

The developer plans $1.3 billion in projects on one of the last untouched parcels of land near False Creek

Concord Pacific has unveiled plans for 1,300 condominiums that will go up in a new neighbourhood its calling False Creek Central, adjacent on the land adjacent to BC Place and the north end of the Cambie Bridge.

Eight towers will be built on the now empty parking lots that surround BC Place, on some the last remaining parcels of undeveloped land on the former Expo ‘86 site, announced the developer at a press conference Thursday.

The first building, a 400-unit tower, is the only to date fully-approved by the city and will be completed at the end of 2016, said Peter Webb, Concord Pacific’s senior vice president of development at the press conference. He estimated Concord Pacific’s total investment in the False Creek Central project, which won’t be complete until 2023, at $1.3-billion.

Anchored by a proposed $535-million casino, hotel and entertainment complex, which Paragon Gaming Corp. re-announced last week, the development will open up 90,000 square feet of commercial space. In a statement, Paragon and Concord touted the future complex, which has come under fire from city residents, as an answer to Vancouver’s “No Fun” reputation.

As Concord Pacific kicks off construction on the last of its last remaining unbuilt lots on the former Expo ‘86 grounds it’s making a big push into Surrey, where it completed two 36-storey buildings in 2012 and has plans for four more towers in Whalley.