The City could be offering all or part of its riverfront properties along the Esplanade to private interests in the hope of “leveraging potential opportunities,” says one City councillor.
Kevin Jolly said given the City has now assembled a “considerable” amount of land in the waterfront area the most appropriate approach would be to publicly offer the land to the private sector as part of asking for a comprehensive development proposal—or proposals—from interested parties.
“The hope is that if there is private sector interest that the City would be able to negotiate an agreement that is in the best interests of the City, and would ideally provide for the highest and best use of that property,” he told council Monday night.
Under the Trail Downtown Plan, the land has been identified as mixed use involving commercial, residential and public space.
Further information will be forthcoming as the proposal is developed, said Jolly.