The sale of the Steveston secondary school land has been approved by the Ministry of Education.
The Richmond School District can now review submissions from potential purchasers and expects to make a decision shortly, according to a press release.
"We look forward to working with the provincial and local governments as we work towards the sale and development of this property," said Donna Sargent, Education Board chair.
The property was put up for sale to private developers in 2007, but was put on hold because the province refused approval, stating public lands should be kept in the hands of the public.
When district staff approached the ministry in January about selling the land again, it had hoped a poor economy would encourage the province to reconsider, according to secretary treasurer Mark de Mello.
The district wants to use the money from the sale for a new school in the fast-growing city centre, estimated to cost around $40 million.
"The proceeds of this sale will stay in Richmond and be used for the betterment of the students in Richmond," said De Mello.
The approval means the district can now look at potential buyers.
The board has created a set criterion for the developer, which includes a commitment to a transparent consultation process of development involving Richmond residents and creating a quality development that leaves a legacy.
However, the city will also have a say in what is developed because it controls zoning.
Currently, the land is zoned for educational purposes only. Any change to that would have to be approved by council.
Previously, it was determined that the Steveston secondary school land was no longer needed by the district, due to a projected lack of growth in the area.
