A major Coquitlam developer plans to buy property from the city to assemble land for a residential subdivision on Burke Mountain.
Wesbild has asked to purchase a 28-square metre lot near David and Galloway avenues as part of a new 13.7-acre subdivision in the Smiling Creek that would have 78 single-family homes. As well, the company has asked to have a road dedication cancelled for the housing project; the dedications total less than half an acre.
Under the agreement, which was approved in principle by the city's land use committee on Monday, Wesbild would pay $374,300 for the lot and the road cancellations.
The market value on Burke currently sits at $910,000 an acre, according to a city report.
In January, city council granted rezoning and an official community plan change to Wesbild for the residential development for the properties located at 3450 to 3469 Galloway Ave.
