07/04/2013 02:52 EDT | Updated 09/03/2013 05:12 EDT

Little Mountain Sale To Holborn Properties Finalized


VANCOUVER - The B.C. government has completed the sale of a prime piece of real estate in Vancouver's Little Mountain area, with the condition that at least 234 social housing units will be built on the site.

The sale to Holborn Properties is comprised of cash and non-market housing, valued at about $300 million.

The new housing will replace low-income housing units that were torn down in 2008 to make way for mixed-use, high-density towers.

The demolition forced all but four of 224 families from their homes, but the government says former residents will get the first option to move back into the new units.

The government says it will invest all of the net proceeds from the sale into social housing throughout B.C., with 50 per cent of the proceeds targeted for Vancouver.

A five-storey building with 53 apartments is currently being constructed at Little Mountain, and is expected to be finished in 2015.

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Photo gallery Little Mountain Redevelopment Project See Gallery