The Tsawwassen First Nation (TFN) has signed an agreement for a major mixed-use development on its land.
On Friday, the TFN Economic Development Corp. entered a memorandum of agreement with Ivanhoe Cambridge and Property Development Group for a 175-acre project that would include retail, office, entertainment and other space.
The TFN believe the project, which is tentatively being called Tsawwassen Mills, could become a signature shopping location for B.C., similar to CrossIron Mills north of Calgary.
At this point, the agreement means only that the groups will analyze the feasibility of the project and whether it satisfies the needs of the TFN.
Chris Hartman, CEO of the TFN Economic Development Corp., said property developer Ivanhoe has proposed to develop two-thirds of the land, while Property Development Group would develop the remaining third.
“It is estimated that the project cold generate upward of 1,200 person years of employment during the construction of the projects, and employ more than 4,500 part-time and full-time workers if the projects proceed as conceptualized,” Hartman said.
The proposed project would be situated along the north side of Highway 17 near the B.C. Ferries terminal in Tsawwassen.
The TFN hope to have shovels in the ground next year.