Richmond ice arena transaction results in Capstan property discount

The City of Richmond got a deal on an ice facility while a developer got a deal on four properties in the Capstan area.

The city closed the deal on the Richmond Ice Centre at the end of June, paying $32 million for the six-rink facility on Triangle Road, which was more than $20 million below its 2019 assessed value.

On the same day, it closed a deal on four properties on Patterson Road, giving the buyer a discount of about $15 million below their combined assessed value.

The four Patterson Road properties were part of the “overall transaction” when acquiring the Richmond Ice Centre, explained city spokesperson Clay Adams.

He said that the city and taxpayers haven’t lost out in the land agreement as the purchase of the arena will give a “much broader community benefit.”

“The acquisition of the ice centre we saw as a significant plus for the community versus the maintaining of those properties,” Adams said.

The four city-owned properties on Patterson Road were sold to Patterson Richmond Nominee Ltd. whose sole director at the time was Denise She.

The directorship was changed in October and currently the sole director is David Chung.

The 2019 assessed value of the Richmond Ice Centre at 14140 Triangle Rd. at No. 6 Road is listed at just under $55.4 million, a jump from its 2018 assessed value of $38.5 million.

The Richmond Ice Centre will be renovated to the tune of about $19 million over the next four years.

Adams told Glacier Media that the city aligned the purchase with the lease expiration.

Financial statements show the city paid River White Homes Ltd. $4.38 million for the lease of Richmond Ice Centre and Watermania pool, which is owned by 14300 Entertainment Blvd. Investments Ltd.

The city would not break down the costs of the lease payment.

Watermania sits on a lot similar in size to that of the ice centre and is assessed at $46.2 million.

Notably, the city purchased a five-acre lot in June 2015 directly behind Watermania and the arena for “strategic purposes.”

  • With files from Glacier Media
© Richmond News

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