The City of Maple Ridge has sold 14 downtown lots it purchased in 2010.
In December of that year, Maple Ridge bought 14 properties located between 119 and Selkirk avenues, west of 227th Street, for $3.7 million.
It then demolished the old homes that occupied the properties, some of which had been raided by police for drug busts.
Last month, the city finalized an agreement to sell those properties for $7 million to Falcon Homes, a local property development company that has constructed two buildings on the east side of the block facing Haney Place Mall.
"Council was made aware of the fact that there was significant interest in the property from a number of companies," said Mayor Nicole Read. "This site is a little over three acres, and when you look at the work that has been done by Falcon Homes on their property on 226th Street, it's obvious how they have embraced the town centre area plan with the ground level commercial and the wider sidewalks that will help create a more active streetscape."
She added the development of the former city property will further enhance the growing commercial presence of 227th St.
"With the new Meridian Meats to the north at Dewdney Trunk Road, and new commercial opportunities on this site, a vibrant streetscape will emerge to support the businesses that are already established in the area."
Fred Formosa, one of the partners in Falcon Homes is pleased with the purchase.
"Our two buildings in this area have sold very well due to the proximity to transit and shopping," he said.
The sale of the three acres will come before council this month.