The Vancouver Fraser Port Authority announced that it has recently completed the purchase of three strategic industrial-zoned properties in Richmond and Port Coquitlam. The acquisitions were made to secure trade-enabling land to support future port growth, facilitate Canada’s trade and contribute to our local economy.
According to the Port Authority large parcels of industrial land are needed in the Lower Mainland for logistics warehouses and distribution centres to ensure the smooth and efficient movement of goods, but the availability of such parcels is declining at an alarming rate.
The authority has long been an advocate for the preservation of trade-enabling industrial land to ensure Canada’s trade interests and local jobs are protected.
“Our focus is on protecting what industrial land is left in the Lower Mainland because studies show the region is going to run out of trade-enabling land within the next decade,” said Tom Corsie, vice president of real estate at the Vancouver Fraser Port Authority. “Our trade-enabling land strategy includes advocating for industrial land protection, acquiring industrial land to meet the needs of growing Canadian trade, and maximizing the use of our existing port lands.”
The three properties that were purchased by the port authority will be temporarily designated for continued industrial use by the port authority, pending a formal amendment to the Vancouver Fraser Port Authority’s Land Use Plan, and will continue to be used mostly for warehousing and distribution for the foreseeable future.
Source: Vancouver Fraser Port Authority< Return