In one of the largest recent land deals in Richmond, Vancouver-based development company Landa Global has purchased a 3.5-acre site next to the Olympic Oval for $60 million.
The site – located at 6851 and 6871 Elmbridge Way near River Road – has the potential for residential, retail and hotel development. The price per acre was approximately $17.1 million.
The site is designated for high-density, mixed-use and has views of the Fraser River and Vancouver, according to Bal Atwal, Avison Young principal, investment and development properties, who brokered the deal with partner Mehdi Shokri of Avison Young.
The site is currently improved with two low-rise office buildings.
Atwal noted that the site is the only high-density property slated for rezoning and/or development in the active Oval Village, a legacy of the 2010 Winter Olympics. It already has a rezoning application in process with the City of Richmond. Rezoning could be approved as early as this summer.