A federal Crown corporation and three Lower Mainland First Nations announced Wednesday a long-awaited and “historic” agreement to acquire and develop some of the most valuable real estate in the country.
Canada Lands Company and the three First Nations will be 50-50 owners of three properties, including the 21-hectare Jericho Lands in Vancouver’s exclusive West Point Grey neighbourhood.
While financial details of the sale weren’t immediately available, realtors speculated earlier this year that the re-development and sale of the Jericho Lands alone could fetch $1.1 billion to $1.7 billion, depending on how the city re-zoned the land for development.
The other two properties are the 8.5 hectare “Heather Street Lands” between West 33rd and West 37th avenues, and a former fisheries department-owned property located on two hectares of land in West Vancouver on Marine Drive near Burkehill Road.
The announcement was made by Canada Lands, a federal government-owned entity that buys and develops surplus federal properties, and the Musqueam, Squamish, and Tsleil-Waututh Nations.