Squamish isn’t the only community where the Squamish Nation is eying big development plans.
Last week three First Nations, including the Squamish, Tsleil-Waututh and Musqueam, announced 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."
Both Campbell and Robert Howald, executive vice-president of real estate for Canada Lands, said so far there are 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.
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."
