04/08/2016 04:05 EDT | Updated 04/08/2016 04:59 EDT

Jericho Lands Purchased By Group Of First Nations

George Rose via Getty Images
VANCOUVER, CANADA - JULY 02: Jericho Park is viewed from the air on July 2, 2010 in Vancouver, British Columbia, Canada. Vancouver was the host city of the 2010 Winter Olympics. (Photo by George Rose/Getty Images)

VANCOUVER — Three British Columbia First Nations have paid nearly half a billion dollars for a prime piece of real estate on the west side of Vancouver.

The Musqueam, Squamish and Tsleil-Waututh nations bought the 15.7-hectare parcel known as the Jericho lands for $480 million.

A news release from the three First Nations says the lands that were once the site of a First Nations village overlook Jericho Beach Park in the West Point Grey neighbourhood.

The property, with panoramic views of English Bay and the North Shore, is adjacent to a 21-hectare area acquired by the three First Nations and the Canada Lands Company in 2014.

Musqueam Chief Wayne Sparrow says any construction will meet City of Vancouver zoning plans.

He says all three First Nations look forward to working with community partners to ensure the best possible development of the property.

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