The City of Richmond purchased a five-acre industrial lot at 14940 Triangle Road for $5.5 million, last June for “strategic purposes.”
The lot is across the street from a proposed jet fuel facility but Mayor Malcolm Brodie insists the purchase has nothing to do with that or any near-term plans to develop the area.
“Who knows what the ultimate use of the property will be but it certainly gives us flexibility …as to the exact use of the land,” said Brodie.
The area may also see significant changes depending on the final placement of a planned 10-lane bridge.
The purchase consolidates two other industrial plots owned by the city to create a 30-acre industrial plot.
Richmond has about 750 acres of vacant industrial land according to a November 2013 survey but it’s believed to lack diversity with most of it earmarked for port and airport activities.
According to a 2002 city report planners encouraged city council to narrow the scope of activities near Riverport, via zoning restrictions, until an area plan was formed to “ensure that it develops into a high-quality and desirable destination.”
Brodie said, in his opinion, he doubted the area would be further developed with the 100-plus million litre jet fuel facility and pipeline.
“For residential there would be limitations given the existence of the jet fuel line,” which is currently facing a legal challenge.
Riverport is home to an entertainment complex and two apartment complexes. It still does not fall under an existing area plan.
Many parcels of land in and around Riverport fall under several jurisdictions such as Port Metro Vancouver (Fraser Wharves), the Agricultural Land Commission (farm fields) and the BC Ministry of Transportation (Highway 99).
