Recently, in a deal valued at just over $307 million dollars, three parts of land—in Point Grey, Cambie and West Vancouver—are now held in joint ownership by a coalition of B.C. First Nations and the Canada Lands Agency.

The approximately 32 hectares of land were previously owned by the federal government.

Though there is no future plan for those land, Vancouver Mayor said he was happy with the deal and was looking forward to hearing community feedback about its future use.

This deal converts Crown land witch was owned by the federal government into fee-simple property that will be developed in some way. Chances are the property will start to generate tax revenues for the government. From a government perspective, it’s a great deal because First Nations will now shoulder some of the cost of any development.

References: 

First Nations join Vancouver land deal valued at $307M. (2014, October 1). <http://www.cbc.ca/news/canada/british-columbia/first-nations-join-vancouver-land-deal-valued-at-307m-1.2784366>