Richmond Announces Sale of Oval Riverfront Lands
26 March 2007
The City of Richmond announced today that it has reached an agreement to sell and lease the 18.6-acre Oval Riverfront Lands to ASPAC Developments Ltd. for a total of $141 million.
The Oval Riverfront lands will become the site of a world class urban waterfront development surrounding the Richmond Oval, home of long track speed skating for the 2010 Olympic Winter Games.
The Oval development will include 12 to 14 mid-rise residential towers. It will be the largest master planned neighbourhood in Richmond and will include commercial residential, recreational and open park space along the banks of the Fraser River’s Middle Arm.
“This is a momentous day for the City of Richmond,” said Mayor Malcolm Brodie. “This agreement will provide untold benefits for countless generations of Richmond residents as it will allow us to reinvest in our community’s future. We look forward to working with ASPAC to create a highly livable new neighbourhood. It will be a showcase for outstanding and sustainable design and become a destination of choice for visitors from around the world.”
Established in 1993, ASPAC is best known as the developer of Coal Harbour, transforming a former industrial site into an internationally-recognized waterfront neighbourhood popular with both residents and visitors.
“Working with Richmond, we will create a world class legacy that is worthy of this unique riverfront site,” said Raymond Li, Senior Vice President of ASPAC. “The Oval Riverfront Lands will be a high-quality, sustainable, residential neighbourhood, with diverse commercial amenities, extensive open space, and enhanced public access to the area’s most prominent assets, the Fraser River and the recreational facilities created by the Richmond Oval.”
The City required $43 million from the Oval lands agreement proceeds to support the completion of the Richmond Oval project. This agreement exceeds that requirement and fulfils Council’s commitment that no borrowing or property tax increase would be used to fund the construction of the Oval.
Council is considering options for the investment of the remaining proceeds from the agreement. It is considering a proposal that the bulk of the funds be invested in a series of Community Legacy Funds, which will preserve the principal and use investment proceeds to fund a variety of initiatives.
“The Oval Riverfront Lands are the last remaining portion of the Brighouse Estates, which was purchased by the City more than 40 years ago,” noted Mayor Brodie. “That wise investment provided for many of the civic amenities we enjoy today and helped guide the development of our City Centre. The legacy of the Brighouse Estates gave us the opportunity we have today and we need to make a new investment in our community that will also pay dividends for future generations.”
ASPAC will purchase five of seven parcels contained within the 18.6 acres and sign a 60-year lease on the remaining two parcels. Four of the parcels at the west end of the site are designated for high density residential, while the remaining three, adjoining the Richmond Oval, are designated for commercial or mixed use development.
ASPAC was selected through a Request For Proposal process initiated in the spring of 2006. In addition to its financial commitment, ASPAC’s proposal met or exceeded the RFP requirements by:
- Ensuring no net loss of public open space and extending the waterfront through “green fingers” from the dyke to the new River Road
- Increasing the publicly accessible open space within the privately-owned development area
- Improving and maximizing river views within and through the site
- Creating additional pedestrian friendly commercial activities along the entire west side of the Oval Lands
- Committing to achieve LEED Silver standard for environmentally sustainable building design
ASPAC will begin work immediately on detailed site planning. ASPAC’s design team will be led by acclaimed architect James Cheng. An initial parcel at the northeast corner is expected to be developed by 2009. While marketing and some construction is expected to be launched over the next two years, most site development will occur after 2010.
The City has retained a half acre site adjoining the Oval Riverfront Lands, which has been designated for a future affordable housing development.
