Lansdowne Redevelopment Moves Forward: What It Means for Richmond Homeowners and Investors
Illustration courtesy of City of Richmond
Richmond’s New Downtown Is Taking Shape
The City of Richmond has officially approved the Lansdowne District Redevelopment Plan, marking one of the most ambitious urban transformations in the region’s history.
The 50-acre Lansdowne Centre site, currently home to the aging shopping mall and surrounding parking lots, will evolve into a vibrant mixed-use community of homes, shops, offices, and parks.
It’s not just another development, it’s a redefinition of Richmond’s City Centre.
What’s in the Plan
Here’s what’s coming to the former Lansdowne Centre site:
10+ acres of new park space, including a 5-acre festival park, a civic plaza, and a linear greenway connecting the development to neighbouring blocks.
Up to 4,000 new homes, mixing condos, rentals, and affordable units.
More than 700,000 sq. ft of retail and office space, anchored by transit access and community amenities.
Direct connection to the Canada Line, steps from Lansdowne Station.
A multi-phase timeline, with parks and housing delivered gradually over several years.
The project is being led by Van prop Investments, the longtime site owner, and will replace a 1970s-era mall with a walkable, transit-oriented district designed for modern living.
How This Impacts Richmond Real Estate
1.The “New Downtown” Effect
With major green spaces, civic plazas, and cultural venues planned, the Lansdowne District is set to become the new focal point of Richmond’s urban life.
For sellers in and around the City Centre, this means proximity to these future amenities becomes a major selling feature.
Buyers today aren’t just buying a home, they’re buying into a lifestyle story, and that story is about to get a lot more exciting.
2.Rising Buyer Interest and Stronger Competition
Large-scale redevelopment attracts attention, and not just from Richmond residents.
Expect continued interest from investors, young professionals, and downsizers who want a walkable community with amenities at their doorstep.
For homeowners considering listing, now is an opportune time to plan a professional marketing strategy that highlights your property’s connection to the area’s future transformation.
3.Timing Your Move Strategically
Because the redevelopment will unfold in phases over many years, timing matters.
If your property is near early-phase construction or upcoming parkland, you could benefit from rising interest sooner.
If your home is further out, it’s still valuable to leverage the “future promise” in your marketing narrative.
Working with a local agent who understands the planning timeline and buyer psychology is crucial, and that’s where experience pays off.
4. Community Value and Everyday Livability
This isn’t just about new towers. The plan integrates market rentals, affordable housing, parks, and retail, creating a complete community with real day-to-day vibrancy.
That balance supports long-term property values, and it’s one reason Richmond continues to outperform other Metro Vancouver markets for livability and resilience.
5. Green Space as a Selling Advantage
In today’s market, walkability and outdoor access are powerful motivators.
Homes near or adjacent to the new Lansdowne parks will gain a built-in lifestyle advantage, one that can make the difference in both days on market and final sale price.
As this vision takes shape, the best listings will weave this story into their presentation, from professional photography to neighbourhood highlights.
What I’m Advising Clients Right Now
If you own property in or near the City Centre, particularly around No. 3 Road, Alderbridge Way, or Lansdowne Road, here’s what I recommend:
Stay informed about zoning changes, phasing updates, and developer timelines.
Get a market evaluation that factors in both current comparables and anticipated area uplift.
Use lifestyle marketing, transit, parks, shopping, and future amenities are part of your property’s story.
Leverage timing strategically: decide whether to list early or wait for infrastructure momentum to build.
Think long-term: even if you’re not selling today, understanding redevelopment trends helps you make smarter real-estate decisions.
For Investors and Downsizers
Investors: Transit-oriented, mixed-use areas like this have historically delivered solid appreciation. As rental demand grows, units near Lansdowne’s green corridors will be prime holdings.
Downsizers: This district will combine accessibility, recreation, and convenience, the ideal setup for lock-and-leave living close to services, transit, and park space.
A Local Expert’s Perspective
Having worked in Richmond real estate for over three decades, I’ve seen how transformational projects like Olympic Village in Vancouver and Steveston Village revitalization have reshaped neighbourhoods, often faster than expected.
Lansdowne’s evolution will be no different.
And if you’re ready to plan your next move, now’s the time to get ahead of the curve.
Ready to See How Your Home Fits Into Richmond’s Next Chapter?
If you’d like to know how the Lansdowne redevelopment could affect your property’s value, or you’re thinking about selling in 2026, let’s talk.
Call or text:(604) 276-2335
Request your free home evaluation: ConnectWithRemax.com
Author:
Michael Cowling
RE/MAX Michael Cowling & Associates Realty
