SOLD: JERICHO LANDS
Musqueam, Squamish and Tsleil-Waututh First Nations purchase provincial government’s portion for $480 million
Metro Vancouver’s three First Nations have purchased the provincial government’s portion of the Jericho Lands for $480 million, consolidating one of the largest largely undeveloped tracts of land in Vancouver and setting the stage for a complete transformation of the Point Grey neighbourhood.
The sale of the 38.8-acre parcel, announced Friday, gives the Musqueam, Squamish and Tsleil-Waututh control over the majority of the 90-acre Jericho Lands. In late 2014, they partnered with the Canada Lands Company to buy the adjacent 52-acre federal portion of the property for $237 million.
The provincial deal, sealed during a small signing ceremony Wednesday, involves both an “accommodation agreement” that recognizes a long-standing aboriginal claim to the land and a fee-simple purchase based on current market value.
Although the future of the property largely lies in market development, the reacquisition of the lands is also a tonic for the First Nations who once inhabited the area prior to colonial settlement, Squamish Nation Chief Ian Campbell said.
“This is a celebration for all three nations,” he said. “Today we are, in a very literal sense, coming back to our homeland. A very emotional day indeed.”
The sale, which will be completed over two years, is the most recent in a spate of purchases and landclaim resolutions giving the nations title to more than $1 billion in urban land, including the provincial Willingdon lands in Burnaby and the provincial liquor distribution warehouse in Vancouver.
Campbell said B.C. and the First Nations settled on the Jericho sale based on two market appraisals.
The province also negotiated to pay the nations $96 million for the accommodation agreement, which effectively settles the issue of land claims on the property.
The $96 million will be used as a deposit on the remaining $384 million, as well as paying property transfer taxes. The nations will gain title to one parcel in November and to the remaining title in November 2017, when the balance of the sale price is due. Campbell said he could not talk about how the nations are financing the balance of the purchase other than to say it did not involve other companies.
When the Musqueam and Tsleil-Waututh bought the Willingdon lands in 2014 for $58 million, they partnered with Aquilini Investment Group, which acquired a one-third interest. Aquilini is also a partner with the three nations in the redevelopment of the liquor distribution branch lands.
The provincial Jericho property is roughly the western half of a large tract that runs from Fourth Avenue to Broadway, west of Highbury St. The federal Jericho Garrison, headquarters of the Canadian Army’s 39th Brigade Reserves, occupies the eastern half.
Part of the provincial lands are leased to West Point Grey Academy, a private school, until 2020, the same year the federal government is to vacate its portion of the property. It was once the site of a First Nations village, and also had a dark history for some who attended the Jericho Hill School for the Deaf decades ago. In 2004, the province set up a $12.5-million fund to settle a class-action lawsuit alleging some students were abused.
“By acquiring the provincial Jericho Lands together, we are regaining our lands back where our ancestors once lived and creating a future for our children and grandchildren to flourish,” said Chief Maureen Thomas of the Tsleil-Waututh Nation.
Campbell said the nations will work with all leaseholders for an effective transition as a phased development of the lands takes place.
“We don’t have a preconceived image of what the outcome will be. We do plan to meet with the city sooner, rather than later, to start the initial discussions to allow for our technical teams to proceed with navigating through the regulatory process,” he said.