Imperial Oil has sold its 232-acre property in Port Moody and Anmore to a Vancouver-based company called Brilliant Circle Group (BCG), The Tri-City News has learned.

The sale became official last week, nearly two years after Imperial Oil put the property up for grabs as one of the largest prime real estate development opportunities in Metro Vancouver.

The undeveloped land — 150 acres in Anmore and 82 in PoMo, including the historic Ioco townsite — sits on the eastern side of Imperial Oil’s 600-acre holdings in the area.

“We’re starting with a blank piece of paper, we’re not coming in with any preconceived ideas,” said architect James Cheng, renowned as one of Vancouver’s leading residential tower designers. Cheng is representing Vancouver-based BCG and said the company’s principal, who asked that his name not be used, is a Canadian citizen with residences both here and in Hong Kong.

BCG is well aware of the environmental, heritage and bylaw restrictions on the land, Cheng said, but the property was too enticing to resist, adding that the group has purchased chunks of land in Metro Vancouver before but nothing on this scale.

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Bonnis Properties is proposing to redevelop a site that they acquired at the northwest corner of West 4th Avenue and Arbutus Street. The plan calls for a one-storey, 4,010 SF retail building with a roof deck. The 50 x 111′ C-2B zoned site is currently occupied by a Midas service centre.

The proposal is explained by the architect in the application: “The proposed structure has been design for potential relocation of the adjacent Lululemon store to the proposed building.The design including the roof terrace is based on the requirements and specifications of this potential tenant. The design of the building is flexible to allow for one or two commercial units in the future if required. The proposed building is a non-combustible steel construction and the exterior finishes are a combination of exterior architectural concrete panel system and metal cladding.”

The site was acquired through a bidding process in late 2013 and was ultimately sold for $6,000,000, or $1,081 per SF of land.