Bearspaw First Nation in process of buying land to develop west of Calgary

The Bearspaw First Nation is in the process of buying just over 120 hectares of land along the Trans-Canada Highway west of Calgary.

The First Nation has signed a memorandum of understanding with asset management company Durum Capital to develop the land, which is just west of Calaway Park, across from the Springbank Airport.

Chief Darcy Dixon of the Bearspaw First Nation says the land was selected because of its location and business potential.

"We've worked with Rocky View County in the past and other counties that surround us on certain land issues and land developments. So this particular piece of land is ... set up in a similar fashion as the way our nation is set up," Dixon said.

He says the First Nation has already seen the benefits of developing other pieces of land that it owns, and this swathe of land is the right choice for development.

"If we do things right it's not only beneficial to partners, but it's also beneficial to the surrounding areas and the surrounding communities," Dixon said.

"The land that we were talking about has a historical significance to our Bearspaw people, to the Stoney Nakoda people, because we've roamed this area for hundreds of years."

Dixon added the goal is for the Bearspaw First Nation to eventually own the land outright, and that's why they selected Durum as their partner. He says the move to buy the land is also about furthering reconciliation.

"We want to reconcile with our neighbours, with the cities and towns, and we we'd like to work with them in a good way to share prosperity for all the citizens," Dixon said.

He says it's still unclear what form the land development will take.

Jay Simmons, managing director and CEO of Durum Capital, says the next step is finalizing the terms of their partnership with Bearspaw First Nation and determining what the investment entails. He says those details should be ironed out in the first quarter of next year.

Simmons says the First Nation has an opportunity to thrive with their agreement, and the 120-hectare parcel of land is the right fit for them to do so.

"It's en route to Canada's number one tourist destination, Banff, and right in our backyard on this property, we have Calaway Park, which is another great destination. So it's very much an active centre," he said.

Simmons says Durum got involved with Bearspaw because the chief financial officer of the First Nation is an old work colleague.

"And so then that led me down a path of learning more about all of the issues that the First Nations have seen over the years, and learned about urban reserves and that process," he said.

"Almost all of the First Nations were parked away somewhere and quite a ways or quite a distance from economic centres ... at the core of this is bringing them closer to economic activity."

Simmons added it's an honour to be working with Bearspaw First Nation and hopes that their partnership can bring a positive future.