Millenium Development has submitted a rezoning application to the City of Burnaby for a 1.3 acre site at 4141 Lougheed Highway in the Brentwood Town Centre area.

The site is located on the north side of Lougheed Highway between Madison Avenue and Gilmore Avenue and sits in the recently approved Buchanan West Master Plan subarea. The site is currently improved with an older industrial warehouse building and surface parking.

The proposed rezoning is for a two tower mixed use development utilizing the RM5s, RM5r
and C3 districts.

Details of the proposal include:

• 62-storey & 54-storey towers;
• 10-storey hotel podium;
• 824 residential units, including:
• 488 condos;
• 246 market rental units;
• 80 non-market rental units;
• 280 hotel rooms;
• a total density of 13.33 FAR;
• 794 underground parking stalls on 8 levels.

Millenium has previous experience in developing condo/hotels including the L’Hermitage building on Richards Street in Downtown Vancouver which is a 28-storey condo project with a 60-unit boutique hotel on the bottom floors.

Greystar Developments has completed on the sale of a 30,300 SF site at the Southeast corner of Burrard and West 12th Avenue for a purchase price of $41.1 Million.

The site at 1770 West 12th Avenue, listed and sold by Hart Buck and Jennifer Darling of Colliers was a 41-unit lowrise strata built in the 1970’s.

The site is designated in the Broadway Plan for higher density development up to 20-storeys and 6.50 FSR. The purchase price equates to $208 per buildable SF based on the 6.50 FSR density. No rezoning applications have yet been made public.

Beedie Living has submitted an application to rezone a 10-acre site that they own at 3676 Bainbridge Avenue in the Bainbridge Urban Village area of Burnaby.

The site is currently improved with older lowrise industrial buildings zoned M2 and M5 industrial.

The site became designated for mixed use residential when the Bainbridge Urban Village Community Plan was adopted by the City of Burnaby in 2022.

The preliminary application indicates that the overall development will include “a mixture of 6-storey below-market rental buildings, 6-12 storey strata buildings, and 4-storey stacked townhomes.”

Other details include:

• 1,000 – 1,100 residential units;
• 20% affordable rental units at 20% below CMHC median rents;
• a total density of 2.20 FAR (970,000 SF)
• road upgrades and new public green space.

The site has a current assessment value of $80,789,300.

This site is located near a similarly designated development site that we have just listed at 7022-7036 Greenwood Street.