Three First Nations, including the Squamish, Tsleil-Waututh and Musqueam, announced this week they have reached a deal as part of a joint venture with the federal Canada Lands Corp. giving them ownership of three properties worth more than $307 million.
The three parcels are all former federal government lands. They include the $237-million 21-hectare Jericho lands overlooking the waterfront in Vancouver's Point Grey, as well as an $11 million two-hectare parcel of vacant former fisheries department land on West Vancouver's Marine Drive. The deal also includes an 8.5-hectare $59-million
former RCMP property on Vancouver's Heather Street.
Under the deal announced Wednesday, the three First Nations own 50 per cent of a joint venture partnership that will work to develop the properties, while Canada Lands - a federal Crown corporation - will own 50 per cent.
As part of the deal, Ottawa gave the three First Nations a 28 per cent share in the properties - worth about $86 million - as a settlement for claims they had over the land. The bands agreed to buy another 22 per cent of the joint venture - worth about $68 million - bringing their share of the massive real estate deal to 50 per cent.
Canada Lands is financing that portion of the deal. As the land is developed, the First Nations will pay back that loan.
Chief Ian Campbell of the Squamish Nation described the deal as a "positive step forward" for the band that will result in "long-term economic benefit."
"It's taken generations of effort to strengthen our relationship with Canada and have recognition of our aboriginal rights and title and how that translates into these economic opportunities," he said. "For a long time we've been invisible in our own lands as First Nations. This is an excellent way to put reconciliation into action."
Tsleil-Waututh Chief Maureen Thomas described the announcement this week as a "new beginning."
Both Campbell and Robert Howald, executive vice-president of real estate for Canada Lands, said there are so far no specific development plans for the properties.
The land will be held under a regular fee simple title, which means development plans will be subject to the same municipal rules and regulations as other development projects.
The former fisheries land on Marine Drive (which does not include the DFO research station on the waterfront, directly south) has sat vacant for many years. "That land has never been used for anything as far as I know," said Nina Leemhuis, chief administrative officer for the District of West Vancouver.
The property, which sits between Burkenhill Road and Marine Drive near Sandy Cove, is currently zoned single-family residential.
Leemhuis said while no plans have been discussed, she expects whatever eventually comes forward will likely be lower-rise residential development - such as townhouse units.
Campbell said the partnership will begin a community consultation process next year. Any decisions will take into account "what West Vancouver would like to see on those lands," he said. "I don't think it'll be huge developments that are out of place with the synergies that are currently there."
This is the second major land deal announced by the Tsleil-Waututh and Musqueam nations this year. In April, the two First Nations announced they are partnering with the Aquilini Investment Group to buy and develop the $58-million Willingdon Lands in Burnaby, formerly owned by the provincial government. That followed an agreement under which the Tsleil-Waututh, Musqueam and Squamish bands agreed to give up land claims to 27 provincial Lower Mainland properties in exchange for $24 million.
