Joo Kim Tiah: 'I need to build the social housing so we can pay back [the loan from] the province. If I don't do that, I'm in trouble.'
The developer behind the massive Little Mountain project in Vancouver that has sat largely idle for 15 years has promised that all 282 social housing units slated for the 15-acre property will be built before the end of 2026.
'If I don't do that, I'm in trouble' The move Wednesday by council does not guarantee all the social housing will be built before the market units. Tiah did not speak to council, but told Glacier Media that Holborn is committed to an agreement with BC Housing to finish the social housing component of the development.
Holborn told staff it wants to launch pre-sales for an 87-unit market building by the end of the year and simultaneously submit development permit applications for three other buildings; the staff report says the number of units for those three buildings hasn’t been determined. At the time, government said Holborn was given a $211-million loan and an $88-million line of credit towards the promised construction of 234 social housing units on the property.
“Even if I have financing for the social housing, if I don't have any financing to do the market, then you're going to see a huge gap, a huge lag between the social housing being completed and no market housing being built at all,” he said. “This is one of the main reasons why we're comfortable making this as a recommendation to council in response to the request ,” he said.
In her remarks, Carr pointed to the tenants of the 1954-era townhouse-like housing that was demolished at Little Mountain with the promise for those displaced to return to new suites. She predicted there will be further delays because of ABC Vancouver’s move to amend the housing agreement with Holborn.
“I don't think that this has been a fair process from the get-go. And I don't think that this has been a good faith agreement with the developer of this particular property. It's been going on for far too long, and I think we have to just say, ‘No, enough is enough.’” Bligh’s rationale for amending the housing agreement was echoed by her ABC Vancouver colleagues, who pointed to assurances from BC Housing, which sent a letter of support to council that was attached to the staff report.
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