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City sells land that’s the subject of a lawsuit to developer promising affordable housing

November 26th, 2016 · 1 Comment

The city announced this week it was selling its land at 601 Beach Crescent to Pinnacle for $20 million, a promise of 152 units turned over to the city to be used for affordable housing, and no guarantee of any specific density in a planned rezoning. My story here.

That is sure to be watched closely by all, including Concord Pacific, which turned over some of its land for this parcel back in 1993, on the understanding that it was going to be a social-housing site. Concord is suing the city (as I reported previously) over this, saying the land was never turned over so it could be auctioned off to a private bidder.

We’ll all be waiting to see what happens next. It was hard to get a lot of information from the city or councillors on this, since this had been discussed in camera, but it sounds like Pinnacle may have the option to back out of the sale at some future point. (That was my interpretation, anyway, of somewhat guarded remarks.)

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