RAILWAY AVENUE HIGHEST AND BEST USE STUDY

RICHMOND, B.C.

CLIENT:  CANADIAN PACIFIC RAILWAYS

Canadian Pacific Railways were the owners of a legacy rail line that once provided the route for the Interurban rail line from Vancouver to the Village of Steveston.  This linear land holding runs virtually the full length along the west side of Railway Avenue from Granville Avenue to Moncton Street.  The City of Richmond had interest in acquiring the parcel for development as a linear park/bikeway.  

The question of land value was of obvious concern to both parties if Richmond was to acquire the site.  Our firm completed a detailed analysis of the development potential for subdivision into single family lots and the cost to service these potential lots.  Our analysis and calculations formed the basis of the appraisal value and ultimate purchase price of the land by the City of Richmond.