Surrey, B.C.\u00a0\u2013 The City of Surrey and Prologis, a global leader in\u00a0logistics\u00a0real estate, are\u00a0in\u00a0advanced\u00a0discussions on a proposed long-term lease that\u00a0will\u00a0support\u00a0significant\u00a0investment, create hundreds of local\u00a0jobs\u00a0and strengthen Surrey\u2019s position as a key economic hub in British Columbia.\u00a0<\/p>\n
On Monday, council authorized the City to\u00a0proceed\u00a0with the proposed lease of\u00a036 acres\u00a0of City-owned land in Campbell Heights, subject to the completion of\u00a0standard\u00a0due diligence,\u00a0execution of definitive agreements and satisfaction of\u00a0closing conditions. Prologis, a San Francisco-based company that has\u00a0operated\u00a0in Canada for more than two decades, is evaluating plans for a major\u00a0logistics\u00a0development on the site.\u00a0<\/p>\n
When\u00a0completed, the proposed lease is expected to\u00a0approximately double\u00a0the City\u2019s annual revenue from the property, creating significant long-term value for residents.\u00a0<\/p>\n
\u201cWhen a global company like Prologis chooses Surrey, it sends a strong message about the opportunities in our city,\u201d Mayor Brenda Locke said. \u201cThis proposed investment reflects Surrey’s strategic location, strong transportation connections, and reputation as\u00a0a great place\u00a0to do business. It will create local jobs, boost our\u00a0economy\u00a0and help build a strong future for our city.\u201d\u00a0<\/p>\n
Prologis, whose customers include Lululemon, Amazon, Walmart, Home Depot and Coca-Cola, is considering the development of approximately\u00a0721,000 square feet\u00a0of industrial space that could support\u00a0logistics, warehousing, distribution,\u00a0office\u00a0and parking uses.\u00a0<\/p>\n
\u201cSurrey is an important market with strong infrastructure, access to transportation and a growing business community,\u201d said Matt Brock, VP and investment officer for Prologis. \u201cWe look forward to working with the\u00a0City\u00a0as this project moves\u00a0forward.\u201d\u00a0<\/p>\n
The proposed agreement is projected to generate more than\u00a0$1 billion\u00a0in combined lease and property tax revenue over its 62-year term. The\u00a0City\u00a0would\u00a0also\u00a0retain\u00a0ownership of the land throughout the lease and beyond, preserving a strategic public asset for future generations.\u00a0<\/p>\n
Campbell Heights is one of Metro Vancouver\u2019s leading industrial and business parks and one of the region\u2019s remaining opportunities for industrial growth. Investments by companies such as Beedie and Toyota reflect its growing importance as a major employment\u00a0centre\u00a0in Surrey.\u00a0<\/p>\n
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