Did you know that the Vancouver School Board owns the land under Kingsgate Mall?
Well now you do.
The VSB is seeking ideas on what to do with this asset due to current budget shortfalls.
Surprisingly, the modest little mall has also been generating big money for the Vancouver School Board — upwards of $750,000 per year, The VSB has owned the East Broadway and Kingsway lot on which the mall sits since 1892 when the long-gone False Creek School first opened on the site.
But 124 years later and facing a $24 million budget shortfall, the VSB is now contemplating its future with Kingsgate, and asking for public input.
“One of the questions we’re asking is what do you think the school board should do with it,” said VSB chairman Mike Lombardi.
According to Lombardi, the VSB could see revenue from the property increase to $2 million annually — money which flows directly into the operations budget, offsetting the deficit. The lease with mall operator, Beedie Development Group is set to be renegotiated next year.
Selling the land is also a possibility, although money raised from a sale won’t help the budget shortfall because it would be restricted to capital projects like new school construction and building upgrades.
Read the full article over at the CBC.