Port Coquitlam is selling off more of its land.
Most recently, the city has listed a 13,713-sq. ft. property in the Mary Hill neighbourhood with an asking price of $799,000.
Currently, the lot at 1363 Elinor Cres. has a large house — with a view of Colony Farm regional park — and a pool but a condition of the sale is that the home be removed.
Braden Hutchins, PoCo's corporate and lands manager, said the city bought the property in April for $890,000 with the intent of widening the northern road by 2.5 m for future utility projects.
Although it is currently assessed at $915,000, Hutchins said the city is offering a lower price because the sale is for the land only.
One of the conditions of the sale is that the buyer must demolish the home or rebuild it away from the slope and the city right-of-way. If that's not done within the year, the city can buy back the land at 80% of the purchase price, he said. The sale period ends next Wednesday.
In March, the city closed a deal to sell six surplus lots on McLean Avenue, collecting more than $2.7 million (they were listed at $2.3 million). And last year, the city sold a 1.8-acre parcel, zoned for multi-family residential housing, at 2560 Pitt River Rd. for $5.4 million (it had been assessed at $3.68 million).
Proceeds from such sales go into the city's land sales reserve fund, which — under the provincial Community Charter — must be used for capital infrastructure and future land acquisitions.
Hutchins said the city wants to sell more land: It is now working to close a road allowance and create two RS4-zoned parcels off Pitt River Road. "The city is also working toward the sale of a portion of city-owned land associated with the forthcoming community recreation complex," he said.
jwarren@tricitynews.com
@jwarrenTC
