Four single-family lots in Capstan - that were part of a land swap with the City of Richmond for the Richmond Ice Centre - could be developed into a condo building and a hotel.
The four lots on Patterson Road just west of Garden City Road were owned by the City of Richmond. In 2019, they were sold to Coastone, whose director was Peter She at the time, for $13.5 million, despite being assessed at $28.6 million.
However, as part of the deal, the city acquired the Richmond Ice Centre, for $32 million, about $20 million below its assessed value.
The city’s 2019 annual report notes the acquisition of the 155,000-square-foot ice rink facility, on three hectares of land, describing the acquisition as transforming a “highly-used leased facility into a City-owned asset and another major investment in civic infrastructure for recreation.”
The directors of the development company making the application, Patterson Richmond Nominee Ltd., are Denise She and David Chung.
The residential tower will have 163 market units and 27 affordable housing units.
The affordable units – under the low-end market rental program – will comprise two studio apartments, 10 one-bedroom apartments, nine two-bedroom and six three-bedroom apartments.
Age restrictions aren’t allowed in these affordable units.
According to city staff, the developer has been talking with SUCCESS, a non-profit, to manage the affordable units.
The application will be dealt with next week at city council’s planning meeting.
