Local developer Landa Global Properties has acquired a prominent vacant site at the westernmost end of the Kerrisdale retail village in Vancouver.
The development site of about 18,000 sq ft at 2465 West 41st Avenue — the northeast corner of the intersection of Larch Street and West 41st Avenue — was acquired for $14 million, according to Landa Global.
Landa Global acquired the property through foreclosure proceedings made by a court order, with iFortune Homes, the previous owner, defaulting on its loans on a number of its properties.
iFortune Homes previously received a development permit approval for its plan to develop the site into a four-storey building with about 23 condominium homes in the upper levels and approximately 8,400 sq ft of retail/restaurant uses on the ground level. It had also marketed the project under the name of “Elm41.”
Site of 2465 West 41st Avenue, Vancouver. (Google Maps)
Site of 2465 West 41st Avenue, Vancouver. (Google Maps)
Previous concept of “Elm41” at 2465 West 41st Avenue, Vancouver. (iFortune Homes)
Potential development concept for 2465 West 41st Avenue, Vancouver. (Colliers International)
According to a news release today, Landa Global will submit a new development proposal over the coming months to turn the site into a four-storey mixed-use building, including ground-level commercial uses. They acknowledge this is a prominent “gateway” site into the Kerrisdale neighbourhood.
“We are really excited about this property, as it builds on our existing portfolio of boutique condo developments in West Point Grey, Shaughnessy and in the West End,” said Kevin Cheung, the CEO of Landa Global Properties, in a statement.
“We look forward to building another exceptional legacy development that honors the long-standing character of the neighborhood, while adding new vibrancy with much-needed homes, amenities and retail.”
According to BC Assessment, the property carries an assessed value of $14.14 million as of July 2024, with all but $10,000 coming from the land. This is down from the previous assessment of $16.747 million in July 2023, including $10,000 for the site improvements.
Google Maps Streetview shows this site has been vacant since at least 2007.
Potential development concept for 2465 West 41st Avenue, Vancouver. (Colliers International)