Wellcox Yard in Namaimo - 20 Sep 1992 Photographer unknown.

4 June 2011

CP Railway Keeps Quiet on Sale of Oceanfront Property

Nanaimo Vancouver Island British Columbia - Details of the possible sale of a 22-hectare waterfront property next to Nanaimo's downtown core remain secret after news of the deal broke yesterday.
 
The land is occupied by Canadian Pacific Railway and was put on the market earlier this year with an asking price of $7.9 million. Reports of an accepted offer were confirmed by Colliers International on Thursday.
 
Colliers managing broker Jason Winton said the deal is subject to a list of conditions that need to be cleared before documents are signed. Snuneymuxw First Nation has land claims to the property that butts up against the new cruise-ship terminal, but Chief Doug White has not given any comment.
 
CP Railway declined comment after repeated requests for an interview Thursday.
 
"Downtown Nanaimo is undergoing significant redevelopment and rejuvenation, positioning the Wellcox Lands as a prime location for higher and better uses," according to the listing from Colliers.
 
Only about eight hectares of the land is available for development. The property has two land parcels, one of which is zoned transportation, the other is heavy industrial. But Nanaimo's overhaul of its zoning bylaw already proposes changing the zoning in this area from transportation to community service and from heavy industrial to harbour waterfront.
 
City staff are also eager to extend the downtown urban design guidelines into this area. The official community plan calls for an urban node, allowing for greater density, including retail, service, light industrial, commercial, and residential uses.
 
Development of the property will require considerable consultation with several of the neighbouring property owners, should a deal go through. Nanaimo city staff will work closely with any new owner, according to staff, but other groups will want a say in development as well. Those neighbours include the Snuneymuxw, the Nanaimo Port Authority, and B.C. Ferries.
 
Any development would require an environmental assessment and likely an expensive cleanup, but this challenge would not be a significant hurdle, according to city staff, who have seen the assessments.
 
Federal treaty rules require First Nations consultation whenever use or ownership of Crown lands change.
 
Derek Spalding.