Prime Metrotown Site Sells in $38.7 Million Deal

One of Metrotown’s premier development sites has sold. The site, located at Silver Avenue and Beresford, is comprised of two lots totaling 84,027 SF in size and is currently improved with two walkup apartment buildings. The site is currently zoned RS-3, but is designated for rezoning to Burnaby’s high-density residential zoning RM-5″S”.

The site at 6380-6420 Silver had been listed for sale earlier this year and was acquired by Belford Properties, who have sites in Burnaby and South Vancouver.

The potential rezoning allows over 420,000 SF of buildable area and will likely allow one or more large towers. The adjacent sites along Beresford have both recently been developed by Intracorp as tall towers – to the East is Metroplace, a 46-storey tower with 342 units completed in 2014. To the West is Silver, a 38-storey tower with 290 units nearing completion.