October 15, 2008
Port Moody, BC
Imperial Oil begins conceptual plannning for Ioco development
Imperial Oil (Esso) Ltd. has begun feasibility planning studies for about 218 acres of the former IOCO refinery lands on the north side of Port Moody and Anmore, overlooking the Port Moody harbour.
Imperial Oil Company opened a huge oil refinery in 1915 and then developed a townsite of 83 homes, a grocery store, school, tennis court and other amenities.
The refinery was officially shut down in 1995, but the surrounding area hasn’t been redeveloped.
Imperial has hired Michael Geller and Associates to begin a planning process for a potential comprehensive residential development.
At this time, there are no plans or time table for any rezoning or development permit application to go to the municipalities.
It is anticipated that this will not happen for a few years.
The soil in the areas under consideration for redevelopment have been remediated to remove hydrocarbon pollution from the refinery. However, major roadwork projects will need to be built, including a new bypass and a proposed extension to David Avenue, to take pressure off of Ioco Road.
The construction budget for a project of this size has been estimated at more than $100 million, but that figure is not confirmed.
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