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Developer Landa Global Properties has closed on the acquisition a 23,000-square-foot site at 7576 Granville St. in Metro Vancouver for approximately $10.6 million, where it will redevelop the former single-family lots into a collection of townhomes.
Located on the southeast corner of Granville and Park Drive in Vancouver’s Marpole neighbourhood, the site is approved to host 17 townhomes. Construction has begun and they are expected to be completed around mid-2026.
The property has an existing concrete foundation and parkade, according to a release from Landa, which acquired the site through an insolvency proceeding.
"We are really excited about this acquisition, which showcases the ongoing opportunities in the Vancouver real estate market, despite current economic and market challenges,” Kevin Cheung, CEO of Vancouver-based Landa, said in the announcement.
Marpole, he added, is “quickly evolving into a high-density hub for families and businesses.”
Landa taking over Modus project
The townhome project at 7576 Granville St. had gone into receivership last year. Centred Developments was the previous developer, with the owner listed as Grandlake Investments Corp. The complex had been sold out prior to construction, but Landa has not assumed responsibility for those contracts.
Cheung told RENX Homes during an interview in January his company was looking at acquiring other foreclosure sites, with the Vancouver market experiencing a rise in development foreclosures and buy-outs, particularly among smaller projects.
Landa says it plans to upgrade the previously approved project, which was named Modus, addressing both the interiors and exteriors of the residences. The development consists of 17 two-, three- and four-bedroom townhomes, ranging from 943 square feet to 1,547 square feet.
Nearby amenities include numerous retail and commercial businesses, it offers close proximity to schools and post-secondary institutions, and recreation such as golf courses and parks.
In Colliers’ listing, it is also noted to be located along a major transit route, which opens access to downtown Vancouver, the City of Richmond and Vancouver International Airport.
Other in-construction and development projects
Landa prioritizes mixed-use boutique projects. Among its completed projects are the four-storey buildings Boldon Fraser, Chateau Laurier, Main & Twentieth and Raphael. On the larger end, there is the 15-storey Cascade City with 256 residential units.
Earlier this year, Landa acquired 2465 West 41st Ave., which was purchased for $14 million in a foreclosure transaction. Here, the developer is planning a four-storey, 18,000-square-foot mixed-use building with approximately 25 homes.
The company has the following projects under construction, all in British Columbia:
- 1818 Alberni, a 21-storey mixed-use condo tower which will have 54 residential units; and
- the 26-storey Lucent planned to have 404 one- to three-bedroom units.
Landa is also developing:
- an over 800,000-square-foot residential and office tower in Scarborough (Toronto) as its first acquisition outside of British Columbia;
- Oval in Richmond, B.C. that is planned as a luxury mixed-use community;
- the 1400 Alberni project in Vancouver that will have 451 residential units across 43- and 48-storey towers; and
- 1650 Alberni, a mixed-use tower expected to be over 200,000 square feet and have over 170 homes.
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