Vancouver’s land transfer program is getting ready to open up its doors for one of the largest land transfers in Canadian history.
Bruce is one of four major land transfer projects to begin in 2019.
The first two are to bring in a $1.4 billion construction project in Stoney Creek and another $2.5 billion in Port Coquitlam.
The third, the Port of Richmond, is set to get underway in 2020.
The first phase of the land transfer project is a three-phase agreement between the province of British Columbia and the City of Vancouver.
The provincial government is leasing the land from the BC Lands Corporation and the BC Hydro Trust.
The BC Hydro Corporation manages the water and electricity infrastructure for the area and pays for the bulk of the cost.
Boothland is also looking to use the land for the creation of a new city, the city’s planning committee said.
The land transfer would allow the city to get the right amount of development without impacting the surrounding communities.
“This is a unique opportunity that allows us to deliver a unique public benefit, to ensure a sustainable future for our citizens and to make sure that the new city that we are building will be a great place for people to live and work,” said Vancouver Mayor Gregor Robertson.
The city has been working on the land deal for decades and has invested millions of dollars.
The government estimates the land can be used for between 20 and 25 buildings and up to $5 billion worth of other development.
The project is expected to be completed by 2035.
The city’s new master plan is expected by 2020.