By Julie Gordon
VANCOUVER, April 8 (Reuters) - British Columbia said on
Friday it had reached a C$480 million ($369.7 million) deal to
sell a large swath of land on Vancouver's exclusive west side to
three local aboriginal groups, opening up the property for
potential redevelopment.
The deal, which includes two parcels totaling a combined
38.8 acres (15.7 hectares), will give the Musqueam, Squamish and
Tsleil-Waututh Nations control over the majority of the
so-called Jericho lands in Vancouver's West Point Grey
neighborhood.
The three First Nation groups, along with the federal
government's Canada Land Corporation, had previously purchased a
separate 52-acre Jericho lands parcel from the Department of
Defence.
Located just blocks from many of Vancouver's most expensive
properties, the Jericho lands include a former military base
along with a recreation center and a private school.
Redevelopment of the roughly 90-acre site could create an
entire neighborhood of homes, potentially helping to address a
housing shortage in Vancouver, where sky-rocketing real estate
prices have pushed ownership out of reach for many residents.
The province said it will transfer the first parcel to the
First Nations this November, with the second transfer in
November 2017, spreading the proceeds of the sale over two
budget years. The two parcels are of similar size and value.
In February, British Columbia projected a surplus of C$264
million in fiscal 2016-17 and C$287 million in 2017-18.
The deal follows a consultation process between the province
and the Musqueam, Squamish and Tsleil-Waututh Nations, whose
traditional territories include the city of Vancouver.
It was not clear how the aboriginal groups are financing the
purchase, though they have worked with local builder Aquilini
Developments on previous projects.
($1 = 1.2982 Canadian dollars)