Marcon has completed an acquisition of a 20,647 SF site at the Southeast corner of West 3rd and Vine in Kits for $30,700,000, or $195 per buildable SF.

Marcon originally submitted a rezoning application under the Broadway Plan for a 207-unit, 21-storey rental tower in 2024, with a revised application increasing the height to 22-storeys in July 2025.

The City of Burnaby adopted the final draft version of their updated Official Community Plan, to be forwarded to public hearing and final adoption this fall.

The final version of the OCP is the culmination of a multi-year process that was most recently accelerated by the new Provincial legislation.

The final draft of the OCP can be viewed here:

https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=83303

The approval process:

The new OCP arrives concurrently with Burnaby’s new ‘Height Based Zoning Framework’ which removes the previous rezoning designations and replaces them with a new height based model.

Implications for rezoning and property values remain to be seen, but the new framework is expected to create more transparency in the overall process.

Sightline Properties has submitted their rezoning application for a 26-lot land assembly that they acquired earlier this year.

The 3.1 acre combined site is located within the Rupert Renfrew Plan area, and is bound by Kaslo Street, Renfrew Street, Broadway and 10th Avenue.

The proposal is to allow for the development of four residential towers, containing condos, rentals and below market rentals, as well as retail and daycare space.

Details include:

• 1,959 residential units; with
• 1,386 condo units;
• 573 rental units with 20% of the floor area for below-market units;
• Commercial space, a 73-space private child care, and amenities on the ground floor;
• a total density of 10.5 FSR; and
• Building heights ranging from 537 ft. to 618 ft..

The plan is for a four phase development with a tower in each phase.

This application is being considered under the Rupert Renfrew Station Area Plan.

The architect for the project is Arcadis.

The full application can be viewed here: https://www.shapeyourcity.ca/2808-2888-e-broadway

Allied Properties REIT has sold 1220 Homer Street to a user group for $13,250,000, . The 4-storey, 19,384 SF heritage office building was originally built in 1947 but had been restored. The building was primarily vacant at the time of sale.

The sale price equates to $684/SF.

The building had originally been acquired in 2018 for $17,500,000, and a 3.40% cap rate.

1281 Broughton Street, a 31-unit building in the West End, has been sold by Reliance Properties to CAP REIT in a deal valued at $13,953,000, or $450,000 per unit.

The building is located on the Southwest corner of Broughton & Burnaby Street in the West End. The 8-storey concrete building was built in 1959 all all corner units with hardwood flooring. The building has laundry, storage, and some parking.

Details:

Lot size: 8,650 SF

The asking price for the property had been $15,900,000.

The property was listed and sold by CBRE.

Building rental listing “Twelve81”: https://www.capreit.ca/apartments-for-rent/vancouver-bc/the-twelve81/