The Vancouver School Board is mulling selling an East Vancouver mall as it struggles to find ways to make up a $24-million budget shortfall.
Although not many residents know it, the VSB has owned the Kingsgate Mall property on East Broadway since the late 1800s, and it holds a long-term lease on the property and retail operations. It’s now looking at possible options for the land, which has risen significantly in value in recent years.
The mall lease comes up for review in 2017.
The board says it won’t commit to selling the property until it undergoes public consultations about the value of the mall, and its future.
Area residents are encouraged to drop by the mall to participate in a “pop up discussion” on May 1.
If the land was sold, the proceeds could not actually be used to offset the current budget debt under its current rules. Instead, the money could only be used for new capital projects, like building new schools or upgrading older facilities.
The property is currently zoned for commercial use, and the VSB says that any future development on the site would only happen after “extensive consultation” between the city and residents.
This isn’t the only property being examined as part of the board’s long-range facilities plan. The board also owns the VSB works yard at 1549 Clark Drive, the Education Centre at 1580 West Broadway and the nursery at 5905 Wales Street.
A motion was passed by the VSB last year not to sell school properties, but that didn’t preclude the board from entering into discussions about non-school properties, a spokesperson told CTV Vancouver.
Anyone who can’t attend the VSB’s discussion at Kingsgate Mall the afternoon of May 1 can instead tweet ideas anytime to @vsbengagment #vsbengagement #kingsgate.
