The federal government sold one of the last large undeveloped land plots on Vancouver’s Westside after nearly two decades of speculation.
A group including the Canada Lands Company and three local First Nations have reached an agreement to take ownership of the Jericho Lands (marked above) and two other properties in the Lower Mainland. The sale of properties in West Point Grey, West Vancouver and South Cambie is valued at $307 million.
As reported by BC Business, the Canada Lands Company, a federal Crown corporation, will split ownership 50/50 with the Musqueam, Squamish and Tsleil-Waututh Nations.
Along with the Jericho Lands, the site of a Department of Defence installation (still home to around 100 military personnel and their families), the consortium will acquire a former Department of Fisheries and Oceans waterfront site in West Vancouver, valued at $11 million, and a former public works owned-property just south of Children’s Hospital.
While the partners in the joint venture said in a release that they had no preconceived plans for the site, locals have long speculated—and contested—the eventual development of some of the last large undeveloped land plots on Vancouver’s Westside.
Last modified: March 14, 2017