Landa Global Properties has bought a 3.5 acre property in Richmond, B.C, and plans to turn it into a mixed-use community featuring residential, retail and a hotel.
Located at at Elmbridge Way and Richmond Road, the site is adjacent to the Olympic Oval, part of the Oval Village and in the heart of Richmond City Centre’s waterfront community.
The Vancouver-based developer says the property is in the concept design stage right now, with a rezoning submission planned for this summer.
“We believe this particular site, across from the Olympic Oval, is one of the best locations in the city of Richmond,” says Landa CEO, Kevin Cheung. “And we are confident in the local market and believe that the long-term demand will continue to remain strong.”
YVR is Canada’s second busiest airport with high traffic volume. And hotel occupancy rates in Richmond remain higher than downtown Vancouver at 84 per cent, despite the fact that the majority of hotels in the area, especially around the Oval, are dated.
This will be the company’s second project in the Richmond Oval Village neighbourhood. Their condo development, Cascade, is now 85 per cent sold.
Landa hopes to bring some architectural innovation to this development as well.
“We had a great success with Cascade,” says Cheung. “Buyers like the location and the architecture, and we are looking forward to bringing something exciting to the Oval Village again.”