Nearly 40 years after Vancouver hosted Expo 86, one of the event’s few remaining undeveloped sites along False Creek has been sold.
The parcel of land currently home to the Plaza of Nations, was quietly sold to the Northchild Group several months ago.
It is not immediately clear how much the several city blocks worth of land were sold for. The parcel of land was most recently valued at over $400 million.
A previous proposal for the land under its former owners envisioned a series of mixed-use buildings with more than 800 homes in it.
The previous city council approved that plan, but the work never moved forward.
Vancouver City Councillor Sarah Kirby-Yung said the new owners have not yet made their intentions clear for the site.
“It would be great to get the different parties together, I would love to hear what they have to offer. I understand they are new to Vancouver,” she said.
“It really is an opportunity to plan a great neighbourhood for Vancouver, because we really don’t have a lot of undeveloped parcels like this.”
Last week, developer Concord Pacific unveiled its own proposal for a large undeveloped piece of land just to the east of the Plaza of Nations.
Concord Pacific envisions building 5,000 homes in 12 towers in Northeast False Creek, along with a waterfront park.
That plan would require the removal of the aging Dunsmuir and Georgia viaducts, something the City of Vancouver approved in 2015.