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HP Inc., a printer and PC company with a corporate campus in east Vancouver, is in negotiations to purchase 68 acres of industrial land in an area key to future development in the city.

The city of Vancouver announced Wednesday afternoon that HP was planning to move out of its current leased facilities at the Columbia Tech Center and build a new location from scratch at what was once the English Pit gravel mine.

“It’s pretty exciting,” said Chad Eiken, the city’s community and economic development director. “They’re looking to sort of control their destiny. They can do that, with room to grow.”

The first phase of the move would take up about 28 acres and involve initial development of two office buildings with 330,000 square feet of space. Subsequent phases would see the company’s campus grow to encompass an estimated 1.5 million square feet, including offices, research and development and manufacturing.

HP has been in negotiations with the city for about a year, Eiken added. The company currently employs around 1,100 people in Vancouver — 700 badge-carrying employees, and another 400 full-time contractors.