The city is offering to extend leases by 20 years to residents with leasehold properties on the south edge of False Creek after years of negotiations and debate about the future of the area
After years of uncertainty, the owners of 13 strata leasehold buildings in Vancouver’s False Creek South neighbourhood have been offered extensions on their leases with the city.
Society chair Richard Marchant said his group has been working all year on the proposal after negotiations started with the city staff last fall. The city declined to comment on specifics of the package, which it said in an e-mailed statement was “the result of mutually agreed negotiations with the strata lessees’ negotiation team.”
The co-ops have been watching their leasehold strata neighbours work out a deal and they hope this might be a sign that they, too, will obtain extensions. But for many years, the future of the neighbourhood has been up in the air, and the city’s original plan released last fall showed that the co-ops would be torn down and redeveloped. It remains to be seen what the city will plan for them next.
If they could also obtain 20-year extensions, that would bring the co-ops with 40-year leases to 60 years, and the 60-year lease co-ops to a total of 80 years.
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