SOURCE: Canada Lands Company

Canada Lands Company

Canada Lands Company

Canada Lands Company

Canada Lands Company

October 01, 2014 13:10 ET

Historic Joint Venture Will Bring New Life to Three Vancouver Properties

VANCOUVER, BC--(Marketwired - October 01, 2014) - COAST SALISH TERRITORY -- The Musqueam, Squamish, and Tsleil-Waututh Nations and Canada Lands Company, announced at a news conference today that they have completed the acquisition of three former Government of Canada properties in Vancouver.

List of properties can be found at the end of this release.

The Nations and Canada Lands Company also announced an historic joint venture partnership that establishes an equal ownership interest in the lands with 50% collectively held by the Nations and the other half held by Canada Lands.

The agreement will also see the joint venture partners working side-by-side with the local communities and municipalities to establish new visions for each of these sites.

As an initial step, the partners will complete their due diligence with a series of studies that will provide a thorough understanding of each of the three properties, followed by the launch of an extensive consultation process in conjunction with the City of Vancouver and District of West Vancouver that will provide local communities and the general public a forum to discuss ideas and views about the future of the sites. The consultation process is anticipated to begin in the new year. 

There are no preconceived plans for these sites; the partners are starting with a blank slate. Consultations and engagement will begin, plans prepared, support and approvals sought, and finally the sites will be developed over a number of years.

Quotes

Robert Howald, Executive Vice President of Real Estate at Canada Lands.

"We are incredibly excited about today's announcement; all parties involved have put in a tremendous amount of work over the past few years to make this news possible. Today is the culmination of great partners working together closely, and everyone at Canada Lands, myself in particular, are honoured to be part of this innovative collaborative effort with the Nations.

"These are important properties and we will take the time necessary to develop a well thought out plan that will meet the desire and needs of the municipalities and the local communities. We have much to do. We are looking forward to starting."

Chief Wayne Sparrow, Musqueam Indian Band

"The Musqueam Indian Band working with the Squamish and Tsleil-Waututh Nations has worked very hard with the Federal Government and Canada Land Company to come to a partnership for the ultimate development of these important parcels of land in Vancouver and West Vancouver. Musqueam has a strong relationship with the City of Vancouver which is reflected in our recent work in the development of Service agreements with the City. This latest development partnership again demonstrates the growing strength of our First Nations in the lower mainland taking back our rightful place in advancing the economy of British Columbia. We look forward to working with all our partners and the communities and neighbours to ensure the best possible developments occur on these properties."

Chief Ian Campbell, Squamish Nation

"Each of our respective Coast Salish First Nations are independent and sovereign governments that have deep cultural and family connections that span millennia. Having the wisdom to see the strategic benefits of working together, the three Nations entered into a historic protocol agreement that celebrates cultural and family connections and outlines the practical mechanisms for equally sharing economic benefits arising from crown land sales occurring within the Nation's shared lands. Building on our Nation's protocol, the new Joint Venture with Canada Lands builds stronger relations with Canada and our communities."

Chief Maureen Thomas, Tsleil-Waututh Nation

"Today is a new beginning. The vision of our past leaders from all three Nations has brought us to where we are today. It is through their tireless efforts, commitments and teachings that we are able to reach this historic milestone. Although today is about the future, we must acknowledge our elders for reminding us who we are and where we come from. As a next step, we are looking forward to working with our joint venture partners. We will seek to create substantial and sustained economic and social benefits for our Nation members, local communities and the country as a whole."

Properties

Jericho Lands

The Jericho property formerly owned by the Department of National Defence is approximately 52 acres (21 hectares) and located in the West Point Grey neighbourhood of Vancouver. The property is bounded on the north by 4th Avenue, Highbury Street to the east, 8th Avenue to the south.

Heather Street Lands

This is a former Public Works and Government Services Canada property and is 21 acres (8.5 hectares) in size located on Heather Street between West 33rd Avenue and West 37th Avenue.

4160 Marine Drive

This is a former Department of Fisheries and Oceans property and is approximately 5 acres (2 hectares) located on Marine Drive near Burkehill Road in West Vancouver.

About Canada Lands Company

Canada Lands Company is a self-financing federal Crown corporation whose sole shareholder is the Government of Canada. Its role is to optimize the economic and community value obtained from former government properties. It is also a demonstrated leader in tourism management with its operations of the CN Tower in Toronto and the Montréal Science Centre.

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