YVR announced Friday its plans to develop a luxury designer outlet centre on airport land in partnership with Europe's leading designer outlet owner.
"This is an exciting project that will increase the region's destination appeal for visiting travellers and encourage local shoppers to spend within their own community," said Larry Berg, president and CEO, Vancouver Airport Authority (VAA) on the deal with London-based developer McArthurGlen.
"Later this summer, you'll start to see the lands on Russ Baker Way near BCIT being prepared for eventual construction; evidence of some of the jobs that will be added to the more than 23,600 already in place at YVR."
The deal marks McArthurGlen's first foray into the North American market.
The proposed new centre would open in phases, beginning in the fall of 2014, and feature European and North American luxury, designer and mainstream brands.
The company's outlets in Europe are known for brands such as Prada, Armani, Burberry, Gucci, and Michael Kors.
VAA and McArthurGlen say they're committed to the proposed project being built and operated to ensure environmental compatibility with the local area.
Areas of the Fraser River that border the outlet centre would be protected and environmental enhancement plans include the installation of foot and cycling paths that fit into existing regional trail networks, according to VAA.