Vancouver School Board loses legal fight to boost rent on prime real estate

The Vancouver School Board has lost a legal fight to force a developer to pay almost six times the lease rate on a prime piece of commercial property the board owns but can’t redevelop without the co-operation of the firm.The Vancouver School Board owns the Kingsgate Mall, a two-storey shopping plaza and large parking lot near downtown and built in 1974. It has been considered a prime site for redevelopment at much higher density since 2010.But the land is subject to a 99-year lease that doesn’t expire until 2071. The current leaseholder, Beedie Development LP, manages commercial and residential properties throughout the region and has the right of first refusal on all future lease renewals or changes.