The ASPAC RiverGreen development was on surplus land left over from the Richmond Olympic Oval development. The Richmond government sold the land to ASPAC Development in March 2007 for a cool $141 million in an all-cash transaction. That amount was three times what the government had previously expected ($43 million). At the time of the sale, the Richmond government was facing a shortfall of $43 million to complete the Olympic Oval project.
Some conditions of the land sale included the preservation of public “green spaces” with no net loss after development, maximizing the spectacular river views for all, increase public accessibility to the area, adherence to LEED Silver building designs etc. The development project is headed by well-known Vancouver architect James Cheng.
Although ASPAC is based in Hong Kong, it has completed a number of Vancouver real estate development projects, including Waterfront Place and Harbour Green Place in downtown Vancouver and the Wesbrock at UBC’s University Endowment Lands. Now, the company is working on RiverGreen at the Richmond Olympic Oval.
Here, on this prime riverfront property at the mouth of the Fraser River, ASPAC will construct 2,000 housing units for 4,000 residents and the company may spend up to $1 Billion to develop it over the next 10-12 years.
The ASPAC housing units will consist of 12-14 residential towers in five parcels of land in an area that is 8.6 acres large.
The buildings will be restricted to 14 stories high as the area is in the direct flight path of the YVR Vancouver International Airport’s air traffic. Facing the north side, one can see planes arriving and leaving the YVR airport with the Vancouver’s spectacular snow-capped northshore mountains as the backdrop.
The city of Richmond has also retained a half-acre of land nearby for affordable housing development.
Middle Arm Greenway Inukshuk and Speed-skater artwork