City Sells 4.65 Hectares for Residential Development

October 26, 2012


For further information contact
Mayor Deb Walters
Phone: 604-465-2416 or

City Sells 4.65 Hectares for Residential Development

PITT MEADOWS, BC – Pitt Meadows Council is pleased to announce the finalization of the sale of the City's owned property at 11431 Bonson Road. The 4.65 hectares site located south of Airport Way and west of Bonson Road was sold to the Onni Group for $12.25 million. The site is designated for residential development in the Official Community Plan and will be developed for medium density housing similar in feel to the popular riverfront community of Osprey Village.

Mayor Walters was very pleased with the agreement that had been nearly two years in the making. After a Request for Expressions of Interest was released by the City in 2011 a number of proposals were received with the successful bid offering the most financial certainty.

Mayor Walters stressed “We were very fortunate to sell when we did and the purchase price was right in line with our independent market projections.” She cautioned “We must be strategic in how we use these dollars. We need to continue to think long term and ensure that we are still in a positive place a decade or more from now. “

Having heard from residents their desire to pay off debt, Council will be allocating three quarters of the sale proceeds to immediately pay down some of the borrowing incurred for community projects such as the Arena refurbishing and Drainage improvements. The balance of approximately $3.05 million could be used to further reduce debt or fund future infrastructure projects or reserves. Council will be discussing funding issues as they move into business planning later this fall.

Next steps for the development will require the submission of a rezoning application and a public consultation process to gather feedback on design and land use. The City expects an application to be made by the developer in late 2012 through 2013.

The site is close to a variety of retail and commercial services, public transportation (West Coast Express and Community shuttle services), schools, parks, trails and other recreation opportunities

(Ice Arena/Community Centre) and easily accessible to the Golden Ears Bridge and Lougheed

Highway making it an idyllic setting for an attractive, well designed and sustainable development.

“Onni has had a successful partnership working with the City of Pitt Meadows for the past decade on such developments as Meadowtown Centre and the Golden Ears Business Park,” said Vice President of Development, Beau Jarvis. “The City of Pitt Meadows is a well planned community offering citizens a mix of rural and urban lifestyles in a natural setting with all the city amenities. Onni is proud to play an ongoing role in that successful formula.”