Keltic Canada Development has completed one of Metro Vancouver’s biggest land deals of the year, purchasing a 27-acre parcel in Richmond for more than $300 million.
The site, located next to the Richmond Ice Oval near the corner of No. 2 Road and River Road, is currently occupied by light industrial and commercial tenants.
Keltic is in the preliminary planning stages of a significant development on the newly acquired parcel, envisioning a multi-use destination containing residential, commercial and industrial spaces.
The initial plan calls for 23 per cent of the land (6.4 acres) to be developed into green space and contributed to the city for community use. The primary seller was QuadReal Property Group, while the City of Richmond also owned a portion of the site.
“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, Keltic’s managing director and CEO, in a press release.
Keltic currently has a number of projects in Metro Vancouver, including The Paramount in Richmond, Park West at Lions Gate in North Vancouver, and its upcoming O2 Metrotown development in Burnaby.
