Delta’s Dawn – South and North Delta may represent the boldest speculative plays in B.C. (Western Investor, Sept 2013)

Worth reading. MetroVanWatch‘s take is that public scrutiny and involvement in decision-making processes is critical if taxpayers and communities are to ensure their civic governments are always working with their long-term interests in mind. The public needs transparency of dealings between developers, city staff, and elected officials.

Delta’s Dawn – South and North Delta may represent the boldest speculative plays in B.C.

By Western Investor staff
Excerpts: The largest shopping mall in British Columbia, a 300-acre waterfront port development, a new $1.26 billion freeway, a new highrise condo and retail projects and the largest rush of speculative industrial development in the province.

A new dawn is rising in Delta, separated into “north” and “south” communities and laying claim to a vast swath of territory just south of Vancouver in the Fraser Valley. Two key changes have ushered in the transformation of what has been a rather pastoral enclave known for its lowrise industrial and manufacturing base in the north and the bedroom towns of Tsawassen and Ladner to the south.

The first was the transfer of 1,789 acres from the Agricultural Land Reserve to the development-hungry Tsawwassen First Nation (TFN) under a land-treaty agreement with the provincial government four years ago. The second: the construction of the South Fraser Perimeter Road, a truck-friendly freeway that links South Delta ports to the Trans-Canada Highway to complete this December.

The TFN wasted little time in staking out what big real estate plays. Development on band lands includes a 300-acre, port-oriented industrial development. Ivanhoe Cambridge and the Property Development Group also have plans for two developments that will create the province’s largest retail centre: more than 40 acres of shops catering to residents and ferry travellers…

… But it’s real estate developers that have really stepped up to the plate in Delta, drawn as much by the Tsawassen port development as the potential of the South Fraser Perimeter Road. The 40-kilometre, four-lane highway will run along the south side of the Fraser River, from Delta to Langley. The roadway is meant to remove large trucks from residential streets, connect to rail and port infrastructure and shorten commuting times by as much as one hour.

“The full impact [of the freeway] remains unknown, but it could ramp up demand for developable industrial land and tighten vacancy further,” noted Avison Young in a report on the Delta industrial scene.

… Developers appear convinced of Delta’s potential and have kicked off the biggest speculative industrial construction spree in B.C., with more than 1.5 million square feet breaking ground.

Some developers mentioned include:

  • Dayyu Group
  • Triovest
  • Grosvenor
  • Beedie Development Group.
  • Ivanhoe Cambridge
  • Property Development Group

Read full article here:

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