Richmond 3.5-acre site near Olympic Oval sold for $60M

Development firm Landa Global buys site in prime location with potential for mixed-use community

By
for Western Investor
February 7, 2020





DD Richmond Landa site

Landa Global is eyeing a mixed-use community on a 3.5-acre site it has purchased for $60 million next to the Olympic Oval in Richmond, reports Avison Young. The site, which currently has two office/industrial buildings, sold for an equivalent of approximately $17.1 million per acre.

Breakdown:

Property type: Development site

Location: 6851 Elmridge Way and Richmond Road, Richmond

Land size: 3.5 acres

Buyer: Landa Global Properties

Potential: Multi-family, retail, hotel

Rezoning: Due summer 2020

Sale price: $60 million

Price per acre: $17.1 million (approx.)

Brokerage: Avison Young, Vancouver

Brokers: Bal Atwal, Mehdi Shokri


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