07:39 AM EST, 03/08/2024 (MT Newswires) -- Madison Pacific Properties Inc. ( MDPCF ) , a Vancouver-based real estate company, announced overnight Thursday that its Mission residential development partnership, the Silverdale Hills Limited Partnership, has received final adoption from the City of Mission on the rezoning application the Silverdale Hills LP submitted for 11 properties on Gunn Avenue and Loftus Street.

Madison Pacific has a 50% interest in the Silverdale Hills LP which currently owns 1,400 acres of mainly residential designated development lands in Mission, British Columbia.

On March 4, the Silverdale Hills LP received approval from the City of Mission to rezone 11 properties totalling 139 acres within the Silverdale Central Neighborhood Plan (CNP) area to the new Comprehensive Development 59 Zone, which could accommodate residential units of varying formats, parks, trails and neighbourhood commercial uses.

The Loftus Village Project is still subject to obtaining further approvals such as development and building permit approvals.

Madison Pacific is making a final investment decision in relation to this project.