(Posted on May 4, 2016 at 03:27PM by Michelle Bogle)
Last month, the federal government’s Ministry of Environment gave the go ahead to the proposed Woodfibre project – a $1.6-billion liquefied natural gas plant located outside of Squamish, British Columbia.
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This approval came after the Canadian Environmental Assessment Agency determined that this project was unlikely to cause adverse environmental effects.Â
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Approval for a project of this scope is a true milestone for Woodfibre, which plans to export 2.1 million tonnes of liquefied natural gas per annum. All final investment decisions for this project are expected to be made by the end of 2016.
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It’s important to note that Woodfibre isn’t the only liquefied natural gas project proposed for the B.C. Coast. In fact, there are approximately two dozen projects slated for the area. However, Woodfibre is the first project to complete the environmental assessment phase and move to the next phase, which involves contracting services to an engineering firm, which will help Woodfibre reduce the overall costs of its proposal.
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Major projects, such as Woodfibre and the proposed Garibaldi Ski Resort, are transforming Squamish’s economy and fuelling demand for real estate – both residential developments and commercial. The former sleepy lumber town is now poised for growth.
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For more information about commercial real estate activity in the Sea-to-Sky corridor, including Whistler and Squamish, please contact our area expert, David Fox, in our Vancouver office.
