Anthem Properties has submitted a rezoning and development permit application to permit the development of a 1.4 acre site located in the Burquitlam-Lougheed Neighbourhood Plan area of Coquitlam.

533 Cottonwood is located to the east of Clarke Road, and is currently bound by three and four-storey residential buildings to the north, a three-storey residential building to the east, Cottonwood Avenue to the south, and Whiting Way to the west.

The existing property contains an older 98 unit apartment building.

The proposal calls for a 42-storey condo tower, and a 6-storey rental building. Details include:

• 332 condo units;
  • 193 one-bedrooms, 97 two-bedrooms & 42 three-bedrooms;
• 135 market rental units (inclusive of 20 below-market units);
  • 2 studios, 72 one-bedrooms, 28 two-bedrooms & 13 three-bedrooms;
• a total density of 5.5 FAR;
• 531 parking spaces;
• $8.95 Million in density bonus payments;
• $244,000 in CACs.

The architect for the project is IBI Group.

Anthem acquired the site in 2018 for $40,500,000 or $117 per buildable SF based on the gross density in the application.