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The $3-billion debate over Vancouver’s Jericho Lands – Times Colonist

February 2, 2014

That’s one estimate of the potential value of the ‘surplus’ property if developed

The federal government is edging closer to a potential windfall disposal of one of Canada’s most valuable plots of oceanview real estate.

And while the B.C. government says it is “not considering or planning” the sale of its portion of the Jericho Lands, a heavily-censored report obtained by the NDP indicates that Victoria did recently consider a potential sale.

Each government owns part of the 36-hectare area overlooking Jericho Beach Park in Vancouver’s posh West Point Grey neighbourhood.

It’s a dream location where residents, including many fearing a pending major development in their neighbourhood, enjoy stunning views of English Bay, the downtown Vancouver skyline, and the North Shore mountains.

The University of B.C. is down the road, and high-end shops and restaurants are a short walk away.

While taxpayer-funded studies of the area’s potential value are being kept private, it’s no secret the value is staggering.

Jason Upton, president of Aedis Appraisals Ltd., grew up in the neighbourhood. He predicts the land owned by both governments could be worth more than $2 billion if the City of Vancouver allowed both single-family housing and low- to mid-rise apartment buildings. – See more at:http://www.timescolonist.com/the-3-billion-debate-over-vancouver-s-jericho-lands-1.811266#sthash.8rdURv61.dpuf

Read more: http://www.timescolonist.com/the-3-billion-debate-over-vancouver-s-jericho-lands-1.811266

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