2600 New Doors in Richmond...

The following article is from the Vancouver Sun and I must say I am not sure how I feel about this new development. The developer has not released the details yet but I am having a hard time seeing the sustainability in building 2600 new "Luxury Residences" I am also-personally- having trouble comparing Richmond to Vancouver's Coal Harbour.

In Richmond there are currently 1152 MLS attached listings (condos, townhomes, etc) of which 476 are only five years old or newer. To add 2600 more doors to a market that already appears to be over saturated does not seem like a sustainable model to me...but what do I know?

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METRO VANCOUVER — A 2,600-unit development of luxury housing is being built on a 28-acre site near the Richmond Olympic Oval, the developer said in a press release Monday.

Aspac Developments, which turned an old railyard into the Coal Harbour development on the Vancouver waterfront, said the River Green project in Richmond will take 10 to 15 years to complete.

"River Green will be one of the largest residential construction projects in Metro Vancouver history, and a spectacular legacy of the 2010 Winter Games," Aspac said.

The official launch of the development is being made Tuesday by Aspac and Richmond Mayor Malcolm Brodie.

Aspac's website said River Green "will be the largest and most upscale master-planned community ever built in Richmond, with over three million square feet of residential and commercial property.

"Like Coal Harbour, it will have upscale residences with dramatic waterfront and mountain views, and ample parkland with cafes, waterfront restaurants, and shops dotted along a winding waterfront promenade," the company said.

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