Thind Properties Moving On From 4-Tower Minoru Square Project In Richmond

Thind Properties, a real estate developer from Burnaby, has officially stepped away from its Minoru Square project, a four-tower development in Richmond, British Columbia. Initially designed to feature an office tower alongside three residential buildings offering 429 units, the project was to be located near major transit and retail centers on Minoru Boulevard. However, financial challenges, including rising interest rates, led the company to pause the project in May 2023 and return deposits to pre-sale buyers.

Following the halt, Thind Properties has now listed the 3.2-acre site for sale. Jones Lang LaSalle (JLL) is handling the sale, promoting the property as a “transformative mixed-use development site” in Richmond. With zoning already approved for residential, office, and retail spaces, the site has been marketed as an ideal opportunity for redevelopment. Thind’s exit opens the door for new investors or developers to modify and complete the project.

The site, valued by BC Assessment at over $63 million, includes potential modifications that could add hundreds of residential units. JLL has highlighted the existing permits and presentation center on the property as assets that could ease the transition for a new developer. Although Thind had initial zoning approved, any new plans may require further permits if substantial changes are introduced.

This development shift is significant for Richmond's real estate market, as Minoru Square's location near transit could appeal to developers aiming to expand housing availability. Richmond city officials and residents will likely be interested in seeing how this project evolves, given the demand for housing and commercial space in the region.