The Government of British Columbia, through the Crown corporation known as the BC Transportation Financing Authority (BCTFA), has acquired a large industrial property in Richmond, STOREYS has learned.
The property is the 10.373-acre property located at 13140 Rice Mill Road — legally known as 13200 Rice Mill Road — in Richmond, located on the eastern side of the western end of the George Massey Tunnel.
The BC Transportation Financing Authority acquired the property in December for $52 million from Ocean Fisheries Ltd.
In an appraisal dated to July 1, 2024, BC Assessment values the property at $44,091,000.
Signage on the property indicates the property is occupied by the Canadian Fishing Company, which was founded in 1906 before being acquired by the omnipresent Jim Pattison Group in 1984. In 2006, Jim Pattison Group then acquired Ocean Fisheries and eventually merged the two companies into Canfisco Group.
13140 Rice Mill Road (legally known asn 13200 Rice Mill Road) in Richmond. / Google Maps | BC Assessment
Upon inquiry by STOREYS, the Ministry of Transportation and Transit confirmed the acquisition and said that the property "is intended to be used in connection with the Fraser River Tunnel Project."
The Fraser River Tunnel Project was announced a few years ago and includes a new tunnel immersed below the Fraser River that will replace the existing George Massey Tunnel that carries Highway 99 under and across the Fraser River. The new tunnel will have three vehicle lanes and one dedicated transit lane in each direction, for a total of eight lanes, as well as a separated transportation corridor for cyclists and pedestrians.
The project also includes replacing the existing Deas Slough bridge towards the east that connects Delta to Deas Island, and has an estimated budget of $4.15 billion — one of the most expensive infrastructure projects in the country.
An overview of the Fraser River Tunnel project. / Government of British Columbia
The Rice Mill Road property, however, is essentially only going to be used as a construction staging area.
"It will be first used as a laydown area for construction equipment and materials," the Ministry said in a statement provided to STOREYS. "The use of the site following tunnel construction is to be determined."
Asked how they settled on $52,000,000, the Ministry said the price "was determined with professional appraisals and subsequent negotiations with the owner," but declined to elaborate citing confidentiality.
The Fraser River Tunnel Project is currently in the design stage, after the Province announced in July 2024 that it had selected Cross Fraser Partnership to design the project. Major construction is expected to commence in 2026 and be completed in 2030, which means we will have to wait several more years to see what the Province decides to do with the property.
