An application has been made by SVM Developments to rezone a 23,923 SF site  at 6989-7029 Royal Oak Avenue in Burnaby from R5 to CD to allow a 3-storey, 23-unit stacked townhouse development with underground parking.

Royal Oak is an emerging area with predominantly ground oriented townhouse and 4-storey development. Prices are rising due to its walkable location to Metrotown and relative affordability compared to highrises closer in to the core.

A portion of the site at 7029 Royal Oak Avenue was purchased from the City of Burnaby in November 2013 for $112 per SF of land.

Further details include:

• a density of 0.9 FAR
• Total floor area of 20,684 SF
• 23 Two-bedroom townhouse units
• 41 underground parking stalls