A long-awaited affordable-housing project has broken ground in Vancouver’s Yaletown district.

An official groundbreaking ceremony was held Friday at the 91-suite development site at 450 Pacific Street, where excavation and the foundation are well underway.

The seven-storey project is one of two Yaletown projects in which the federal and B.C. governments are investing a total of $195.9 million. Federal Housing and Infrastructure Minister Gregor Robertson and provincial and municipal officials announced the investment in conjunction with the groundbreaking ceremony.

The federal government is investing in the projects through the Affordable Housing Fund, while the province is making withdrawals from its Community Housing Fund. The city’s contribution mainly involves development-cost-charge waivers.

“These two projects have been decades in the making,” said Robertson, a former Vancouver mayor. “Lots of us have worked on it at different levels of government for many years. It’s exciting to finally have these two under construction, and this one here, 450 Pacific Street is a great example of when we pull together all the levels of government, local leadership and that big community vision and it turns into reality.”

The Entre Nous Femmes Housing Society will own and operate the building at 450 Pacific, with Hogan’s Alley Society managing 30 units dedicated to Black individuals and families. The three governments are providing more than $60 million.

The federal government is investing $45.6 million through its Affordable Housing Fund, while the province is furnishing $14.4 million via its Community Housing Fund. The city is donating the land, valued at $2.2 million, and agreed to waive $2.6 million worth of development cost charges.

Residents will include low-to-moderate income families, women and gender-diverse individuals as well as youth, seniors, women-led single-parent households from Indigenous families.

The project is the first in the downtown area, which includes Yaletown, for Entre Nous

“We hope that those who will call 450 Pacific home will find stability, a sense of security and belonging and a joyful place to grow their hopes and dreams,” said Lilian Chau, CEO of Entre Nous.

The affordable-housing project is part of a larger development that will include condominium units and contain 390 new homes altogether.

The other Yaletown affordable-housing project is located at 1010 Expo Boulevard and will stand 29 storeys. Construction is already underway and completion is scheduled for 2029.

“This is what happens when we work together to unlock land to partner on funding and approvals to get homes built fast,” said B.C. Housing Minister Jennifer Boyle.

“[There are] always opportunities to do it faster, but glad that we’re here at this moment now celebrating a milestone that will mean more homes for families who need them. We know that families are spending a big chunk of their income on rent, that people are being priced out of the communities that they call home, and that workers are facing long commutes because they can’t afford to live near their jobs. These homes and others are a direct response to those challenges.”

She said the Yaletown projects will provide safe, affordable housing for many people and are designed for long term stability.

“We’re not just building housing,” said Boyle. “We’re building communities that are strong and safe and inclusive and designed to support people at every stage of life. For too long, these lands have been a symbol of delay, and today they’re a symbol of progress. Together, we’re building homes that people need, and we’re doing it in partnership. That’s how we deliver for communities and build a stronger province for all of us.”

Ottawa is investing $150.2 million in the 1010 Expo Boulevard project, while the provincial government is spending $47.3 million and the city is supplying a $3.2-million contribution and $2.3 million in DCC waivers.

Both projects are part of the province’s $19-billion housing strategy.

Pictured: Federal Housing and Infrastructure Minister Gregor Robertson

Photo: Monte Stewart. All rights reserved. No republishing permitted.