27-acre site next to Richmond Oval acquired for $300 million for redevelopment

Dec 9 2021, 1:43 am

A vast parcel of commercial and light industrial properties adjacent to Richmond Oval has just been acquired for over $300 million, making it one of the largest land sale deals in British Columbia in 2021.

Keltic Canada Development states the deal for their purchase of the 27-acre property, located at the southeast corner of the intersection of No. 2 Road and River Road, closed on Tuesday.

The developer is in the very early stages of conceptualizing a redevelopment, but they have indicated there will be a “vibrant” mix of residential, commercial, and industrial uses. As well, 6.4 acres or 23% of the property will be purposed as green space and contributed to the municipal government for community uses, adding to the strong civic hub in the area anchored by Richmond Oval.

“The acquisition of this piece of land presents us with an opportunity to work with the City of Richmond and the public to design and develop their dream, and to create something that will have a positive and lasting impact on this community for generations to come,” said Rachel Li Lei, managing director and CEO of Keltic Canada Development.

“We are committed to enhancing the quality of work and life for Canadians by developing sustainable, modern, and productive communities, and this development will be thoroughly representative of that mission.”

Keltic Canada Development Richmond Oval

Perspective of Keltic Canada Development’s property at the southeast corner of the intersection of River Road and No. 2 Road. (Google Maps)

Westgem Communities Development and GBL Architects previously created a redevelopment concept for the area consisting of 2.9 million sq ft of floor area, including 1.9 million sq ft of residential uses, entailing 1.2 million sq ft of condominiums, 500,000 sq ft of market rental housing, and 200,000 sq ft of non-market rental housing. Other envisioned uses previously included a 300,000 sq ft private school, 200,000 sq ft hotel, 200,000 sq of office, and 200,000 sq ft of retail and restaurants.

Keltic Canada Development’s current major projects in the region include The Paramount, located adjacent to SkyTrain Richmond-Brighouse Station, containing four buildings with condominiums, office space, and retail and restaurant uses. They also have Park West — two condominium towers near the north end of the Lions Gate Bridge in North Vancouver.

Kenneth ChanKenneth Chan

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