After First Nations purchase, what's in store for Jericho Lands?

Three British Columbia First Nations have paid nearly half a billion dollars for a prime piece of real estate on the west side of Vancouver.

However, it's still unclear what plans are in store for one of thelargest undeveloped parcels of land on the city's pricey westside.

• 3 B.C. First Nations plan to buy Jericho land parcel

The Musqueam, Squamish and Tsleil-Waututh nationsnationspurchasedthe 15.7-hectare parcel known as the Jericho Lands from the province for $480 million.

The First Nations said in a news release that the property overlooking Jericho Beach Park in the West Point Grey neighbourhood was once the site of a First Nations village.

Not your 'average developer'

SquamishNation Chief Ian Campbell told CBC News that the three First Nations will bring bring more to the area "than the average developer."

"We've enjoyed thousands of years of history in this part of the world," Campbell said.

The land has panoramic views of English Bay and the North Shore and is adjacent to a 21-hectare area acquired by the three First Nations and the Canada Lands Company from the federal government in 2014.

Vancouver MayorGregorRobertson saidthere are no preconceived ideasof how the land will look in the coming years.

"It will be different types of housing primarily and maybe some mix of retail space depending on where it is," Robertson said.

"But that's work we need to do with the community and the First Nations to take these next steps."

Any construction will meet City of Vancouver zoning plans, said Musqueam Chief Wayne Sparrow.

Residents to have input, MLA says

"We look forward to working with all of our partners, the communities and neighbours to ensure the best possible developments occur on these properties," Sparrowsaid.

The purchase creates the conditions for the First Nations to lead a meaningful consultation process about what should be done with the land, Vancouver-Quilchena MLA Andrew Wilkinson said in a release.

"Local residents will have the opportunity to provide their input on how they would like to see these lands developed for the greatest benefit of the community in the future," he said.

A release from the province said the final sales contract and two independent appraisals will be publicly released in the coming weeks.

With files from Deborah Goble