Some of the cities oldest and largest chunks of land are now on the chopping block for new residential developments.
The federal governments property arm has formed a joint partnership with three of the west coast first nations to allow all three to partner and enjoy part of the profits from selling the land. Since all three bands share claim to this territory they have agreed to share the profits equally.
This $307-million deal includes the 21-hectare Jericho Garrison, the 8.5-hectare RCMP Barracks near Cambie and 33rd and a Fisheries Department in West Vancouver.
The overall development plan for the properties is not clear yet, but what will hold true over the next decade is that the properties will be developed in accordance with the partners wishes and the overall direction the City of Vancouver has planned for the area.
This deal and other deals that were created during the 2010 Olympics saw other first nations bands come and work together to further benefit off of these monster financial opportunities.