RIVER PROPERTIES VS CITY OF RICHMOND
RICHMOND, B.C.
CLIENT: RIVER PROPERTIES LTD.
The owners of a short section of the dyke in Richmond at the foot of No. 3 Road that was being used as part of the public Dyke Trail system were unable to negotiate a sale to Richmond. Concerned about public liability issues the owners closed that portion of the trail. In response the City expropriated the parcel and reopened it for public use.
Unsatisfied with the offered purchase price the owners appealed to the Expropriation Board and retained our services to provide input into the valuation of the property recognizing its prime waterfront location and development potential. Our position on development potential and the ultimate evaluation was accepted by the Board and our Client was awarded fair market value for the parcel.