Approval has been granted by the Province to the four educational partners of the Great Northern Way Trust to sell lots six and seven on the site.

The lots will be sold to PCI GNW Developments Inc. and Low Tide Properties Ltd.

The four education partners that own the land are: Simon Fraser University, the University of British Columbia, British Columbia Institute of Technology and Emily Carr University of Art + Design.

Prior to approval, the Province obtained an independent evaluation to ensure fair value for money. Details will be released upon financial closure, which is expected in spring 2018.

Public benefits of the sale include a 4,856 square-metre (1.2-acre) public park that will be transferred to the City of Vancouver once built, and a 56-space child-care facility that will be operated by a non-profit organization chosen by the City of Vancouver. Proceeds from the sale will be invested in post-secondary education.

Lot seven cannot be developed until a future SkyTrain line is constructed, and there is currently no firm timeline.

Under Part 6, Section 50(2) of the College and Institute Act and Section 50 (2) of the University Act, approval to dispose of land owned by public post-secondary institutions is required by the provincial government.