Note: Map shows the entire Wellcox Rail Yard comprised of 53 acres, 7 Port Drive and 1161 Milton Street. Click here for more information about this property.
City purchases property to encourage redevelopment of the downtown waterfront
City purchases property to encourage redevelopment of the downtown waterfront
(NANAIMO, December 13, 2012) – In a forward looking move that
will enable future development along Nanaimo’s downtown waterfront, the City of
Nanaimo has entered into a purchase and sale agreement to buy roughly half of
Canadian Pacific’s (CP) Wellcox Rail Yard property at 7 Port
Drive.
The purchase of this property supports a number of goals
outlined in the City’s Strategic Plan, including:
- Securing land that can facilitate the creation of a future transit node
- Securing waterfront property to expand the City’s walking trail network (the City’s 2013 Budget has allocated funding to conduct a master plan for the waterfront lands, including the CP Wellcox Rail Yard)
- Taking responsibility of development in a key area of the City
“The City is continually looking for ways to improve the
livability, accessibility and beauty of our downtown core”, said City Manager,
Al Kenning. “This agreement gives the City a long-term hold on an important
piece of property. The public interests of Nanaimo residents who wish to see
this property developed and aligned with the community’s downtown vision are now
secured.”
A joint interest between the City and the RDN involves
reserving a portion of the new land for a future multi-modal transit exchange to
effectively serve the downtown, nearby islands and region as a whole. With an
agreed purchase price of $3.4 million to CP, the City would sell a section of
the land to RDN for the purpose of building the desired bus
terminal.
“The RDN is pleased to be working closely
with the City on this important project,” said RDN Chairperson Joe Stanhope.
“This central site is an excellent location for a transit exchange and it will
contribute to the efficient operation of the overall regional transit
system.”
The property is comprised of 10.8 ha (26.7 acres) of land and
water, with the majority being used by SeaSpan (intermodal shipping) and Island
Corridor Foundation (freight and passenger rail), both of whom hold land tenure
and perpetual rights of way. Other tenants on the property include GADD Marine
and Island Pallet Solutions. The City will consequently be arranging
discussions with these organizations to determine encumbrances on title to
ensure the property can be developed in the future.Additionally, as part of the
City’s due diligence, an environmental review is being conducted to determine
the level of risk associated with buying an active industrial site. Assuming the
City is content with the findings of the review, the property will transfer to
the City on March 31, 2013.
Does not the Snuneymuxw First Nation land come close to the southern point of this land and should consultation with their administration (Chief) be part of this decision? Working together for the future is part of the plan isn't it?
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