Canada Lands Company and MST Partnership sign an ownership agreement for 4195 Marine Drive
Vancouver, December 14, 2018 - Canada Lands Company (CLC) and the MST Partnership (a partnership of Musqueam Indian Band, Squamish Nation and Tsleil-Waututh Nation) announced today that an agreement was signed providing the MST Partnership 100% ownership of the 5-acre (2-hectare) 4195 Marine Drive property in West Vancouver.
4195 Marine Drive is located within the District of West Vancouver, west of Dundarave at Burkehill Road.
The MST Partnership purchased CLC’s 50% interest in the lands for $10,587,000.
“We are pleased that we can support the Musqueam, Squamish and Tsleil-Waututh Nations in realizing their goal to be long-term stewards and owners of the Marine Drive lands. We continue to work with our partners on the development of the Heather Street Lands and the Jericho Lands, building on the momentum of the unanimous approval of the Heather Street Lands Policy Statement earlier this year by City of Vancouver council,” said Deana Grinnell, Vice President, Real Estate (BC & Ontario) for Canada Lands Company.
“While we are pleased to gain full ownership over the 4195 Marine Drive Lands, we’re very proud of the work we have done with Canada Lands and look forward to continuing our productive relationship,” said Chief Wayne Sparrow of the Musqueam Indian Band.
"We really look forward to working with the District of West Vancouver to plan an exciting vision for this land. There is a lot of work to do but economic self-sufficiency through long term ownership of lands is key to MST Partners' objectives," added Khelsilem, Squamish Nation Spokesperson and Councillor.
“These lands are a part of us and we are encouraged by the opportunity to purchase these lands for the long term benefit of all three Nations,” said Chief Maureen Thomas of the Tsleil-Waututh Nation.
CLC and MST Partnership each hold a 50% beneficial interest in the Heather Street Lands, and in the 52-acre (21-hectare) eastern portion of the Jericho Lands. MST Partnership also owns the 38-acre (15-hectare) western portion of the Jericho Lands, purchased from the Province of B.C. in 2016. CLC and MST Partnership will now focus on the rezoning of the Heather Street Lands, and on the joint planning for the future of the entire Jericho Lands. Similar to the work of the partnership on the Heather Street Lands Policy Statement, which was unanimously approved by the City of Vancouver in May 2018, CLC and MST Partnership are committed to working together with the City of Vancouver and the community to develop a comprehensive plan for the full 90-acres (36-hectares) of the Jericho Lands, encompassing both parcels.
CLC and the MST Partnership came together in 2014 to form a unique joint venture partnership. The joint venture was formed for the planning and redevelopment of three parcels of land:
- 4195 Marine Drive, a 5-acre (2-hectare) site on Marine Drive in the District of West Vancouver
- Heather Street Lands, a 21-acre (8-hectare) site in the Cambie Corridor within the City of Vancouver
- Jericho Lands (East), a 52-acre (21-hectare) parcel in the West Point Grey neighbourhood of Vancouver
The Heather Street Lands achieved a significant milestone in May 2018 with City of Vancouver Council’s unanimous approval of the Policy Statement. The Policy Statement was informed by the City’s policies, along with input from Nations members, the community and youth received at several open houses and workshops to gather input into the preferred concept plan. The Policy Statement will guide the future development of the Heather Street Lands. Future development will include a cultural centre, daycare and park, as well as approximately 2,000 homes in the growing Cambie Corridor, a diversity of housing types including 20% affordable housing, attainable housing and one acre for an elementary school site for the Conseil scolaire francophone de la Colombie-Britannique (the province’s French language school board) under a long-term lease agreement. The vision and obligations laid out in the Policy Statement will be fulfilled by Canada Lands and the MST Partnership as part of the rezoning process. Construction could begin as early as 2020.
On July 24, 2018, the City of Vancouver endorsed the preparation of a comprehensive plan and Policy Statement for the Jericho Lands which will establish principles, objectives and policies related to a range of topics, including: reconciliation, land use, density, height, public benefits, transportation, built form, character, sustainability, servicing infrastructure and development phasing. The Policy Statement will be presented for Council’s consideration at the end of the process and, if adopted, used to inform any future rezoning of the lands. Community engagement is anticipated to begin in early 2019 and will include multiple opportunities for public input.
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 federal government properties. It is also a demonstrated leader in attractions management with its operations of the CN Tower in Toronto, the Old Port of Montréal, the Montreal Science Centre and Downsview Park. Learn more at www.clc.ca
About MST Development Corporation
The MST Development Corporation was established to oversee properties owned by the MST Partnership, a historic partnership of the Musqueam Indian Band, Squamish Nation and Tsleil-Waututh Nation. The three nations are full or co-owners of six prime properties throughout Metro Vancouver. Over time, the MST Development Corporation will be a key driver of growth, opportunity and well-being for Nations’ members and the region. www.mstdevelopment.ca
FOR MORE INFORMATION:
Vice President, Real Estate (BC & Ontario)
Canada Lands Company
VP Development, MST Development Corporation