The Steveston secondary site has finally been sold to a residential developer.
Richmond School Board decided earlier this week to accept a conditional offer from Vancouver-based Polygon to develop the 13-acre site on No. 2 Road, just north of Steveston Highway.
The price has yet to be disclosed, but the school district was hoping for up to $50 million previously for the prime site, which has been up for sale since 2007.
Polygon, one of three preferred bidders, is expected to close the deal by Sept. 30, when all the information surrounding the transaction will be made public.
Like most real estate deals, our purchase agreement with the school district is subject to a due diligence period where we hope to be able to assess and identify any specific issues related to the property, said Neil Chrystal, speaking on behalf of Polygon.
However, the rezoning of the site its currently S1 - School and Institutional Use is not one of the conditions of the developers offer.
Any rezoning will have to be approved by city council and after extensive public consultation and a public hearing.
We had quite an extensive process and we were impressed by the initial drawings (Polygon) presented to us, said school board chair, Donna Sargent.
On those drawings were low-rise condos, townhouses and community amenities, said Sargent, who didnt want to go into any more detail until the offer is set in stone Sep. 30.
The board felt Polygons offer, based on our three criteria, was best for the community, added Sargent.
Before choosing a buyer, board members based their criteria on value (financial compensation the district would receive), vision (for the neighbourhood that takes into account its surroundings) and voice (ensuring the residents have a say).
The community having a voice was particularly important to the board.
A major hurdle for Polygon may be with the city, which said earlier this year that the site is considered a school and park site and the city will make sure that with any rezoning there will be no net loss of park land.
We have had very preliminary discussions with the planning staff at city hall and our promo art idea is to pursue a redevelopment proposal which would be for a town home development. Our proposal also calls for a large portion of the 13-acre site to be dedicated to the city as park. Obviously it is early days and we have a lot of planning work to do, as well as engaging the local community in discussions on the future use of the property, said Chrystal.
Coun. Harold Steves said the aforementioned community amenities potentially in Polygons plans, better be something special to win his approval in any rezoning bid.
Back in the day, properties, including this one, were acquired from the landowner by the school board under the threat of expropriation, said Steves.
Basically, if there was a civic need, such as a school, then you had little choice and people, in their civic duty, understood that and had to grin and bear it.
So for that civic need to disappear and for the communitys land to end up in the hands of a developer, is a bit of a leap.
Steves said he would be looking to see affordable housing and parks, at the very least, in any rezoning proposal.
Back in 2007, the city wanted to use eight acres of the land for a long-term care facility and leave the other five acres as a park. But, it was only willing to buy eight of the acres, hoping to make an exchange with the other five.
"There is no way we would vote to have that (land) rezoned for development," Steves had said at the time, after the deal fell through.
Provided we come up with a well thought out plan that is sensitive to surrounding neighbourhoods and meets Richmonds planning objectives, I am confident we will receive the approvals we need. But that will take some time and we look forward to having meaningful discussions with all of the community stakeholders, Chrystal said.
The Ministry of Education approved the sale of the land in April, and since then the board had been working with private developers and the city to find an eligible buyer.
It was previously determined that the land of the former secondary school was no longer needed for educational purposes due to a projected lack of growth in the area.
The district hopes to use the money received from the sale towards a new school in the fast-growing city centre, estimated to cost around $40 million.
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.
