Colliers has completed the sale of a mixed-use development site located at 2245 McAllister Avenue in Port Coquitlam, as reported on by Storeys. The site, previously owned by Quarry Rock, is approved for a 5-storey, 80-unit project with 19,000 SF of retail at grade. It was sold to Northstar Development for $11,600,000 or $168 per buildable SF based on the approved application.

Hart Buck and Jennifer Darling listed and sold the site.

The City of New Westminster is exploring further changes to its Lower Twelfth Street area plan, with an ongoing study now being considered by council following on earlier work from 2024.

Current objectives include:

• Confirmation of the Official Community Plan vision for the mix of “ultra-light” uses
  supported by residential in the Lower Twelfth area.
• Endorsement of the neighbourhood massing approach, that would see the highest buildings closer to Downtown transitioning down to the lower density edges of the study area.
• Exploring changing the Official Community Plan designation of some properties outside but adjacent to the study area.

Next steps:

1. Completion of Additional Studies (Summer 2025) and report back to Council on implications to Lower Twelfth area study
2. Public and Nations Engagement (anticipated Fall 2025)
3. Council Approval of the Evaluation Framework (anticipated Winter 2025/2026)

The full presentation can be viewed here: https://pub-newwestcity.escribemeetings.com/filestream.ashx?DocumentId=21572

Charlie Hughes and I are pleased to introduce this 54,450 SF woodframe development site in the Royal Oak area of Burnaby.

For further information: https://www.collierscanada.com/en-ca/properties/for-sale-54450-sf-woodframe-development-site-in-burnaby/can-6229-6311-denbigh-avenue-burnaby-british-columbia/can2017347

Onni has submitted a rezoning application for the next phase of their Gilmore Place project in the Brentwood area of Burnaby. The first two condo towers have received occupancy in 2024. The first phase includes three towers.

Phase 2 of the project also includes three towers. The first tower of this phase was originally envisioned as a highrise office tower, but has now been revised to residential.

Onni is proposing to deliver the non-market inclusionary units envisioned in the second and third phase in Tower 4, originally envisioned as a 30-storey office tower, and now a 65-storey, 759 unit residential tower.

The revised proposal for Tower 4 includes:

• 509 condo units;
• 250 non-market rental units;
• a 2-storey commercial podium;
• a 7-level parkade that will serve all of Phase 2 (three towers).

Shato Holdings has acquired Willowbrook Park Shopping Centre in Langley from Valley Properties in a $136,975,000 deal that closed in January 2025.

The property was listed and sold by Stu Morrison and Randy Heed of Colliers.

The centre comprises 193,785 SF situated on three properties totaling 20.15 acres and is adjacent to the Willowbrook Shopping Centre (commonly referred to as Willowbrook Mall), the area’s regional shopping centre of over 640,000 SF. The property is anchored by Safeway and is 90% leased to national retailers.

The projected 2025 NOI for the property is $5.5 Million, equating to a 4.0% going-in cap rate.