What Lansdowne does

Lansdowne is a 50-acre mixed-use, transit-oriented urban redevelopment project in Richmond, British Columbia, owned and led by Vanprop Investments Ltd., a privately-held Vancouver-based company that has held the site since 1984. The project transforms the existing 1977-vintage Lansdowne Centre shopping mall and its 3,300-stall surface parking lot into a complete downtown district for Richmond's City Centre, planned to deliver approximately 4,500 homes across condominiums, purpose-built rentals, and affordable housing, plus 700,000+ square feet of retail and commercial space, two office towers, and 10 acres of public park and plaza space, with an estimated resident population of up to 10,000 at full buildout.

The development is built on a foundation of transit-oriented urban design principles, including a site-wide low-carbon District Energy Utility for centralized heating, cooling, and hot water; naturalized stormwater management; two on-site mobility hubs with EV charging, car share, and bike share; and integration with the adjacent Lansdowne Canada Line Skytrain Station. The master plan, designed by Dialog (architects of Richmond City Hall and the Richmond Olympic Oval), includes 24 towers with heights capped at 45 metres due to proximity to Vancouver International Airport, and approximately 30% of residential space is committed to affordable housing and market rental.

Vanprop's business model combines three revenue streams: one-time sales of market condominiums and townhouses, recurring rental income from purpose-built rental and affordable housing, and commercial/retail leasing in the new experiential lifestyle centre. Phase 1 is executed through a joint venture with Bosa Properties Inc., covering approximately 1,135 residential units across two condominium buildings and one low-rise rental building. Distribution relies on a direct sales model anchored by an on-site Sales Gallery, with regulatory milestones driving the 20-year phased delivery timeline. The Lansdowne Centre Master Plan received Official Community Plan amendment approval in March 2021, and Phase 1 rezoning cleared First, Second, and Third Reading through early 2024, with final adoption anticipated in 2027.

Name

Lansdowne

Legal name

Vanprop Investments Ltd.

Website

https://lansdownedistrict.com

Company type

Private

Founded year

1984

Operating status

Operating

Headcount range

1–10 employees

Short description

Lansdowne is a 50-acre mixed-use, transit-oriented redevelopment in Richmond, BC, led by Vanprop Investments, transforming an existing shopping mall into a community of approximately 4,500 homes, retail, and public amenities over a 20-year phased plan.

Ownership category

akta.pro rank

Product category

Mixed-Use Real Estate Development

NAICS

Residential Building Construction (23611), Land Subdivision (237210)

SIC

Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Urban Renewal, Brownfield Redevelopment & Land Reuse (BPAIANAI)

akta.pro secondary industry

Community Development & Neighborhood Revitalization (CDBG, Place-Based Initiatives) (BPAIANAE)

Keywords

• Mixed-use real estate development
• Transit-oriented community
• Residential condominium development
• Commercial retail leasing
• Urban master planning

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Residential Property Sales: Sale of condominium units, townhouses, and residential apartments across the phased 20-year development. Includes market housing, affordable housing, and rental units. Phase 1 alone includes approximately 1,135 residential units through partnership with Bosa Properties.
2. Commercial and Retail Leasing: Approximately 700,000 square feet of new retail, restaurant, and commercial space designed as an experiential outdoor lifestyle centre. Includes street-level retail along No. 3 Road, high street on Hazelbridge Way, and commercial/office space. T&T Supermarket expected to return as main anchor.
3. Rental Housing Income: Purpose-built rental buildings including market rental units and affordable housing. Phase 1 includes rental building at Alderbridge Way and Kwantlen Street with 40% of homes geared to families.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Lansdowne is a 50-acre mixed-use, transit-oriented urban redevelopment in Richmond, BC that converts the existing Lansdowne Centre shopping mall into a complete community. The project delivers approximately 4,500 homes (market condominiums, purpose-built rentals, and affordable housing), 700,000+ square feet of retail, restaurant, and commercial space, and 10+ acres of public parks and plazas, executed across seven phases over approximately 20 years by Vanprop Investments Ltd. in joint venture with Bosa Properties for Phase 1.

Product overview

Lansdowne is a 50-acre mixed-use urban redevelopment project (Lansdowne District) led by Vanprop Investments in partnership with Bosa Properties, transforming the existing Lansdowne Centre shopping mall in Richmond, BC into a complete community over approximately 20 years. The development comprises approximately 4,500 residential homes (condominiums, purpose-built rentals, and affordable housing), over 700,000 square feet of retail and commercial space, and 10 acres of public amenities including Centre Park, Civic Plaza, greenways, and a District Energy Utility. Phase 1 (in partnership with Bosa Properties) includes two condominium buildings and one low-rise rental building providing approximately 1,135 units. The project received OCP Amendment approval in March 2021 and Phase 1 rezoning approval in 2024.

Differentiator

Problem solved

Functional benefit

Products and services

• Lansdowne District Master Plan Redevelopment Phased, multi-decade mixed-use redevelopment of a 50-acre site in Richmond, BC, comprising approximately 4,500 homes, 700,000+ sq ft of retail/commercial space, and 10+ acres of public parks, plazas, and greenways for residents, retailers, and the broader Richmond community.
• Market-Rate Condominium Residences (Phase 1) Two high-rise condominium buildings in Phase 1 offering market housing with a range of unit sizes from studios to multi-bedroom units for owner-occupier buyers in Metro Vancouver.
• Purpose-Built Rental Building (Phase 1) Low-rise purpose-built rental building in Phase 1 with 40% of homes geared toward families, providing a mix of market rental and affordable rental housing in Richmond's City Centre.
• Lansdowne Outdoor Lifestyle Centre (Retail and Commercial Space) Over 700,000 square feet of experiential retail, restaurant, and commercial/office space, including a high street along Hazelbridge Way and a commercial node along No. 3 Road, designed as an outdoor lifestyle centre.
• Centre Park & Event Space Five-acre public park serving as the neighbourhood green and urban garden, suitable for festivals and concerts accommodating up to 17,000 people, available for community events and recreation.
• Civic Plaza 1.5-acre gathering and celebration space adjacent to the Lansdowne Canada Line SkyTrain station, designed for year-round programming and events for up to 5,000 people.
• District Energy Utility Site-wide low-carbon centralized heating, cooling, and domestic hot water system serving the entire Lansdowne community, scalable to support nearby properties.
• Lansdowne Sales Gallery (Phase 1) On-site physical sales gallery at the Lansdowne Centre site for direct marketing and sale of Phase 1 residential units to prospective buyers in Metro Vancouver.

Quantifiable outcome

• 4,500 new homes for Richmond residents including affordable housing, rental housing and market housing
• +9 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• Bosa Properties Inc.coreStrategic or Co-development Partner · 3 February 2023Vanprop has entered into a joint venture with Bosa Properties Inc. for Phase 1 development. The partnership involves three residential parcels: two condominium buildings and one low-rise purpose-built rental building, totaling approximately 1,135 new residential units. Both companies are developing Phase 1 to energize the existing mall and unlock the potential of the retail-centric site with increased pedestrian pathways connecting Lansdowne Station to newly developed Phase 1 homes.
• Dialog (formerly Hotson Bakker Architects)coreStrategic or Co-development PartnerDialog was retained as the lead architecture firm for Lansdowne. Their projects include Granville Island, UniverCity, Richmond City Hall, and Richmond Olympic Oval. Dialog established a unique Richmond style with green-roofed, oval-shaped mid-rise towers laced with tree-lined streets and lushly landscaped pedestrian mews. They collaborated with Bjarke Ingles Group on Vancouver House and are leading the urban design vision for transforming the indoor mall into an outdoor experience.
• Richmond Centre for Disability (RCD)minorStrategic or Co-development PartnerVanprop has been instrumental in supporting the Richmond Centre for Disability joining the Lansdowne family, demonstrating commitment to bringing the community together. RCD is described as an important community partner in supporting diversity and inclusiveness at Lansdowne.
• Richmond Chamber of CommerceminorStrategic or Co-development PartnerVanprop has been a supporter of the Richmond Chamber of Commerce as part of their community involvement since 1984, supporting business community connections in Richmond.
• Richmond Cares, Richmond GivesminorStrategic or Co-development PartnerVanprop has supported Richmond Cares, Richmond Gives as part of their community engagement and charitable activities in Richmond since acquiring the property in 1984.
• Richmond Chinese Cultural SocietyminorStrategic or Co-development PartnerVanprop has supported the Richmond Chinese Cultural Society as part of their commitment to cultural diversity and community building in Richmond.
• Richmond Hospital FoundationminorStrategic or Co-development PartnerVanprop has been a supporter of the Richmond Hospital Foundation as part of their community giving and healthcare support initiatives in Richmond.
• S.U.C.C.E.S.S.minorStrategic or Co-development PartnerVanprop has supported S.U.C.C.E.S.S. (a social services organization) as part of their community support activities in Richmond since 1984.
• Trinity Western UniversityminorStrategic or Co-development PartnerTrinity Western University is a current tenant at Lansdowne Centre and part of the redevelopment plan. Rebecca Swaim, executive director of TWU Richmond, indicated the Vanprop team met with a focus group of students about its future campus, with overwhelmingly positive feedback. The university values proximity to affordable housing and SkyTrain connectivity for global prospects.

Scale indicators27 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Polygon Homes: Polygon Homes is a major Metro Vancouver residential builder developing condominium and townhome communities, often in master-planned settings near transit. Comparable in product mix (market condominiums, family-oriented units) and target buyer (Metro Vancouver end users) to Lansdowne's residential offerings.
• Onni Group: Onni Group develops large-scale, multi-phase mixed-use residential and commercial communities across Western Canada and the U.S. Pacific Northwest, including high-rise residential towers adjacent to transit. Its business model of multi-phase vertical communities with ground-floor retail is closely aligned with Lansdowne's master-planned approach.
• Bosa Properties: Bosa Properties is Lansdowne's joint-venture partner for Phase 1 and one of Metro Vancouver's most active residential developers, building mixed-use condominium and rental projects across the region. It is directly comparable in product type (market and purpose-built rental residential), geography (Richmond/Vancouver) and customer base to Lansdowne's residential offerings.
• Westbank Corp: Westbank is a Vancouver-based developer of architect-driven, mixed-use residential and retail projects (e.g. Vancouver House, The Butterfly). It is comparable to Lansdowne in building mixed-use, design-led residential product in Metro Vancouver targeting similar residential buyer profiles, though typically at smaller site scale.
• Concord Pacific: Concord Pacific is Vancouver's most prominent large-scale master-planned community developer, best known for the Concord Pacific Place downtown Vancouver site — a comparable 20+ year phased, transit-adjacent mixed-use redevelopment combining residential towers, retail and public amenities, with a similar phased sales/release model to Lansdowne.

Broad incumbents

• Cadillac Fairview: Cadillac Fairview is one of Canada's largest owners/operators of mixed-use retail, office and residential properties, including CF Richmond Centre directly adjacent to Lansdowne. It is comparable in mixed-use real estate operations and Richmond presence, but operates a national portfolio rather than a single phased master plan.
• QuadReal Property Group: QuadReal is a Canadian real estate investment, development and management company active across residential, mixed-use and commercial asset classes in major Canadian markets including Metro Vancouver. Comparable in mixed-use development expertise but operates a broad diversified portfolio rather than a single Richmond master plan.
• Ivanhoé Cambridge: Ivanhoé Cambridge is a major Canadian institutional real estate investor/developer with a Canadian mixed-use, office and retail portfolio. Comparable in scale and mixed-use asset expertise but a broad-based incumbent rather than a single-site Vancouver developer like Lansdowne.

Emerging players

• RioCan REIT: RioCan REIT is one of Canada's largest retail-focused REITs, actively pivoting its suburban retail sites into mixed-use, transit-oriented residential communities. Its retail-to-residential intensification strategy is conceptually similar to Lansdowne's transformation of the 1977 Lansdowne Centre mall, though executed at a national REIT scale.
• First Capital REIT: First Capital REIT owns and develops grocery-anchored, mixed-use urban neighbourhoods across Canada, including in Metro Vancouver. Comparable in owning underutilized suburban retail sites and repositioning them into mixed-use communities with residential density, though it operates as a publicly listed REIT across many properties.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat1 record

Key risks5 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/lansdownedistrict

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lansdowne