A massive plot of farmland next to the University of the Fraser Valley is up for sale, with the sellers suggesting the site could see redevelopment.
The 88-acre King Road site is in the Agricultural Land Reserve, and thus currently off-limits to non-farm uses. But it also comprises more than half of the land designated as “Special Study Area C,” and is possibly suitable for a sportsfield complex, in Abbotsford’s Official Community Plan.
Citing that fact, the owner is seeking $20 million. That’s more than twice the per-hectare price that farmland normally fetches in the Lower Mainland.
Hay and berries are currently farmed on the site, which also comes with a 70-year-old 1,700-square-foot house that is rented on a month-to-month basis, according to an advertisement.
The sellers say the property “offers strong value and a multitude of redevelopment concepts based on its current agricultural zoning and proximity to the University of the Fraser Valley.”
The advertisement for the parcel also notes the lot is flat, rectangular and located near highways and the Sumas border crossing.
“The proximity to the University of the Fraser Valley provides a unique opportunity to explore uses other than agricultural,” the advertisement continues.
It also says the parcel was designated in 2012 as “industrial reserve,” but a city spokesperson told The News that “industrial reserve” language is outdated following the 2016 adoption of the OCP.
Mayor Henry Braun told The News in February that the two agricultural “special study areas” designated for possible sportsfield construction aren’t currently a focus of the city, but remain part of long-term planning for Abbotsford’s future.
Representatives of the seller did not respond to The News’s request for comment, but recent comments from the provincial government and the Agricultural Land Commission (ALC) suggest a developer would have a steep hill to climb before they were able to develop the site.
In April, the ALC denied the city’s request to allow 200 acres of farmland to be turned over to industry.
The ALC ruled that “the Executive Committee finds that the properties are capable of supporting agriculture and are therefore appropriately designated as ALR.”
Provincial agriculture minister Lana Popham has also spoken about the need to protect the ALR.
Experts have noted that allowing exclusions promotes speculation, drives up the price of agricultural land, and makes farming less economical.
Because the land was classified as farm status, the taxes on the plot were just $4,511 last year.