By The Canadian Press

Three B.C. First Nations buy parcel of prime Vancouver real estate

Apr 8, 2016 | 10:26 AM

VANCOUVER — Three British Columbia First Nations have paid nearly half a billion dollars for a prime piece of real estate on the west side of Vancouver.

The Musqueam, Squamish and Tsleil-Waututh nations bought the 15.7-hectare parcel known as the Jericho lands for $480 million.

A news release from the three First Nations says the lands that were once the site of a First Nations village overlook Jericho Beach Park in the West Point Grey neighbourhood.

The property, with panoramic views of English Bay and the North Shore, is adjacent to a 21-hectare area acquired by the three First Nations and the Canada Lands Company in 2014.

Musqueam Chief Wayne Sparrow says any construction will meet City of Vancouver zoning plans.

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He says all three First Nations look forward to working with community partners to ensure the best possible development of the property.