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Sparrow said this development differs from the Tsawwassen Mills shopping centre because that was built on existing Tsawwassen First Nation reserve land.

The Musqueam parcel of land is not a reserve but “fee-simple land,” rezoned last year from multi-family residential to comprehensive development, according to the band.

“This means we got our lands back so we can use them for our people,” said Sparrow at the news conference.

The band is selling the market condos on 99-year prepaid leases and will use the profits for housing and social programs for its 1,300 members, said its real estate vice-president, Doug Avis.

The band will own the rental properties, from which it hopes to earn a yearly revenue for operating expenses.

“We’re never selling our lands,” said Sparrow. “They were hard fought for by our community.”

“And we’re not building a casino,” he said.

When complete, there will be about 1,250 condo units and 180 townhomes, of which 15 per cent will be rentals, said Avis.

Roughly one-third of the rentals will be subsidized for people who work on the nearby University Endowment Lands.

Musqueam Capital Corp. is the master developer and are responsible for roads, services and parks.

Polygon has been hired to create the first phase of construction, which is expected to begin in about a year, with completion scheduled for two years after that.

Parts of the park — which will include trails, wetlands, greenways and a meadow to be used as a gathering place — will open before the end of the year, said Avis.

The trees logged from the land have been repurposed for use by Musqueam carvers and smokers and for use in the longhouse, said Sparrow.

The band in June signed a 30-year agreement with the Vancouver International Airport for job and educational opportunities plus revenue sharing worth up to $200 million.

slazaruk@postmedia.com