Burnaby-based real estate developer Thind Properties is officially moving on from the multi-building Minoru Square project they were planning for Richmond.
The Minoru Square project was set for 5768 Minoru Boulevard, the southeast corner of Minoru Boulevard and Lansdowne Road, located just one block west of No. 3 Road, the Lansdowne Centre shopping mall, and the Canada Line SkyTrain's Lansdowne Station.
According to the Land Owner Transparency Registry, Thind owns 5768 Minoru Boulevard under Minoru View Homes Ltd. Serving as a partner on the project was also Ying Kei Development, according to their Instagram page and signage on the site.
For the 3.2-acre site, Thind Properties was planning "a dynamic new mixed-use community in the heart of Richmond" consisting of one office tower and three residential towers with a total of 429 homes, according to Thind's website.
The 5768 Minoru Boulevard site in Richmond. / JLL
In May 2023, however, as reported by Richmond News, Thind Properties informed the pre-sale purchasers that it was "pausing" the project and returning their pre-sale deposits. At the time, Thind did not elaborate on their decision and only cited elevated interest rates. The project was being marketed by rennie.
However, under British Columbia's Real Estate Development Marketing Act (REDMA),developers have 12 months to hit the pre-sale requirement set by their lender and also get their building permit. If they fail to do this, the project essentially collapses and deposits have to be returned. Following this, developers can try again, but that often requires additional investment. Alternatively, the developer can opt to move on from the project.
STOREYS reached out to Thind Properties on October 17 seeking additional context, but has not received a response.
The Listing
This week, 5768 Minoru Boulevard was listed for sale by commercial real estate brokerage Jones Lang LaSalle (JLL), who said they were "pleased to present an opportunity to acquire Minoru Square, a fully entitled and transformative mixed-use development site in the heart of Richmond."
The property has been listed without an asking price, according to JLL's sales brochure. BC Assessment values the property, which is largely vacant save for the project's presentation centre, at $63,220,000.
- Address: 5768 Minoru Boulevard, Richmond
- Lot Size: 3.20 acres (139,552 sq. ft)
- Zoning: ZMU46
- Price: Unpriced
- Listed By: JLL (Edgar Buksevics and Kevin Meikle)
"The currently approved development plans for Minoru Square are set to deliver over 470,000 square feet of saleable area, encompassing residential condominiums alongside limited office, retail, and affordable rental," said JLL, adding that the site is fully zoned and the development permit has already been approved. A building permit application based on the approved development permit has also been submitted, but has yet to be approved, and "a full Building Permit should be submitted prior to February 2025," said JLL.
Signage for Minoru Square at the site in June 2024. / Google Maps
JLL also notes that the project can also be modified.
"Through minor modifications, the project also offers the opportunity to modify its land uses, for example, reducing the amount of office in exchange for residential rental or creating an all-encompassing, primarily purpose-built rental community," they said. Although 429 units have been approved, the site can accommodate 600+ units, said JLL.
The existing entitlements would save an incoming developer a significant amount of time, but may potentially need to be resubmitted if the new developer chooses to modify the project. JLL says the presentation centre, including display suites, is also already in place and operational.
