Landa Global Properties has been finding opportunity in the forced-sales market in Vancouver. 

The Vancouver-based developer recently finalized the acquisition of a development site at 2465 West 41st Avenue. Formerly known as the Elm41 property, it’s on the northeast corner of West 41st Ave. and Larch St. on the western edge of Kerrisdale, a quaint, pretty shopping and dining main street on Vancouver’s Westside.

The 18,000-square-feet vacant lot was purchased for $14-million in a foreclosure transaction. It had previously been owned by iFortune Homes — a Richmond based company.  

Landa had been interested in both this property and the neighbourhood for a long time, CEO Kevin Cheung said in an interview with RENX Homes.

"Many years ago, when it came to market, it was something that caught our eye, and we've been interested in the Kerrisdale neighbourhood."

Landa to "redesign" original condo plan

He said this project will help them to build on an existing portfolio of boutique condo developments in nearby West Point Grey and Shaughnessy. 

“We look forward to building another exceptional legacy development that honours the long-standing character of the neighbourhood, while adding new vibrancy with much-needed homes, amenities and retail,” he said.

Cheung told RENX his team has no plans to apply to have the site rezoned since permissions are already in place for the property. Landa intends to continue with the current permitted use, albeit with a different, fresh design. 

That means Landa intends to construct a four-story boutique condo building with retail/commercial space at street level.

"But our vision is to redesign and recreate a completely different look and an aesthetic that we think it's more fitting for the neighbourhood," Cheung said. 

He said the building will have approximately 25 homes. 

The site, which has been vacant for 10 years, is across the street from a large park, a few blocks from the Kerrisdale Community Centre and sits at the entrance to the shops and amenities along West 41st Avenue. 

Landa fond of boutique Westside Vancouver condos

Elsewhere, Landa Global has built other luxury, boutique mixed-use projects in Vancouver’s Westside, including Chateau Laurier in Shaughnessy, completed in 2019, and Raphael in West Point Grey, which is slated for completion in spring 2025.

The developer has also built mixed-use projects including Main & 20th in East Vancouver, and Cascade City in Richmond. Its latest condo development, 1818 Alberni, is under construction in the West End of Downtown Vancouver.

The company also has a master-planned community under development in Eastern Canada, 2075 Kennedy in the Scarborough neighbourhood in Toronto.  This project is designed as a multi-tower community comprising over 800,000 square feet of total density on a 6.46-acre site, according to Landa Global's website.

Cheung said the foreclosure market has been a place Landa has been looking to acquire properties, but it doesn't necessarily mean sites are available at discount.

"Basically, the market is the market, and you will get bids and other competitors looking for this property at the right number, as long as it pencils it out," Cheung said. "I think it's just; it's economics, and it's a reasonable market valuation of the property."

Seeking other foreclosure sale properties

Cheung said Landa is looking at other foreclosure sites as well, noting it has secured another forced sale on a property in recent days although it is not yet ready to release details. "We are looking for more opportunities."

While Vancouver has seen a rise in development foreclosures and buy-outs, particularly in smaller projects, Cheung says it doesn’t necessarily mean the overall market is faulty. 

"Nobody has a crystal ball,” he said, adding that lower interest rates provide some optimism for this year. “It's a multitude of factors between interest rates and our immigration policies and so forth, (but) we think Vancouver —  it's home (for Landa) — it’s a beautiful city, there's demand to be in our city. So, we're pretty positive on the long-term outlook for Vancouver."

He said Landa is now working through the redesign process for the Kerrisdale project.

“We're hoping to submit something to the City of Vancouver, and our target is to launch this project in Q1 of 2026 . . . starting construction shortly after.”