Background Information

In October 2013, Matthews Southwest Developments and Bethel Lands Corporation were chosen as the developers of the Oceanfront Lands. The District and SODC have signed the purchase and sale agreement with Matthews Southwest and Bethel Lands. Read this most recent news below.

• Details of the Memorandum of Understanding, the Purchase and Sale Agreement and the Limited Partner Agreement are available for viewing and download from the SODC website.

• Additional background resources, including copies of Requests for Proposals and the international call for Expressions of Interest for the development of the Oceanfront Lands can be viewed here.

At the nexus of land and water sits 59 acres of former industrial land, plus 44 adjacent acres of submerged water lots, owned by the Squamish Oceanfront Development Corporation (SODC), a wholly owned corporation of the District of Squamish. This land, extending from downtown Squamish, forms a peninsula fronting Howe Sound, the Mamquam Blind Channel and the Cattermole Slough. With its ability to drive economic revitalization and reconnect the community to the water, this land represents a profound redevelopment opportunity unparalleled anywhere in the region.

Recently, a feasibility development plan was completed that incorporated community goals. In summary, the plan incorporates the following:

• Creates an Oceanfront park, trail network and community amenities,
• Complements the downtown,
• Generates significant new income and employment opportunities,
• Invites a university to be part of the community,
• Provides over 1,100 new homes to help accommodate Squamish's growing population, and
• Makes money and minimizes risk.

The projected positive impacts of the project are significant and represent a boon to the broader Squamish community and all levels of government.

• Total full-time employment projected at build-out is almost 2,200.
• Direct Output (the sum total of all revenue generated) relating to construction is projected to be between $678 million and $750 million.
• The aggregate Direct Output of the economy (ignoring construction) created by the development is projected to equal over six billion dollars for the first thirty years.

Incremental government tax revenues projected to result from this ongoing incremental economy (ignoring construction) are projected as follows. 

• Federal government tax receipts of $18.7–$26.4 million per annum;
• Provincial government tax receipts of $14.9–$21.3 million per annum; and
• District of Squamish tax receipts of $4.7–$6.0 million per annum.

RESOURCES & BACKGROUND MATERIAL

• Request for Proposals - issued June 6, 2013 to two short-listed proponents, resulting in the decision to negotiate a land transaction with Matthews Southwest/Bethel Lands.
• Request for Expressions of Interest and Marketing Materials- issued and marketed by Cushman & Wakefield, international real estate experts (services retained June 2012).
• Request for Proposal Real Estate Services - issued April 5, 2012, resulting in Cushman & Wakefield's services being retained.