I’m pleased to announce the sale of 7000 Lougheed Highway, Burnaby. This 14-acre site adjacent Sperling-Burnaby Lake Skytrain station represents one of the largest master plan residential development sites to transact in Metro Vancouver in recent years.
A large-scale transaction of this nature poses complexities and challenges, particularly when planning policy is not yet fully defined. We were able to leverage our skills and expertise to navigate the sale process and deliver for our client.
Congratulations to the buyer, Create Properties; it was a pleasure working with your team and we look forward to seeing this landmark project in the Bainbridge community come to life.
A rezoning application has been submitted by Larco for a new infill apartment building next to an existing building they own at 5455 Balsam Street, known as Fontainebleu Apartments, at the Northwest corner of Balsam and West 39th Avenue in Kerrisdale.
The proposal is to allow for the addition of a 15-storey infill residential building on the 57,599 SF site, while retaining the existing 14-storey, 88-unit building.
The proposal for the infill component includes:
145 market rental units;
57 studios, 35 one-bedrooms & 53 two-bedrooms;
15th floor amenity space;
A total new density of 1.88 FSR (total density of 3.63 FSR)
A building height of 130 ft.;
58 underground vehicle parking spaces and 278 bicycle parking spaces
Hudson Pacific Properties has submitted their formal rezoning application to the City of Vancouver for permission to develop a new office tower at the Bentall Centre, a plan that was first announced earlier this year.
The project, with an address of 1025 Dunsmuir, would see a new hybrid mass timber 16-storey office tower above a one-storey podium constructed in between Bentall 3 and Bentall 4, on the Northwest corner of the site. Details include:
A total floor area of 461,619 sq. ft.
Office floorplates ranging from 27,700 to 30,425 SF;
A building height of 260 ft.;
Two levels of underground parking with 173 vehicle parking spaces & 273 bike parking spaces.
Under the site’s existing DD zoning(External link), the application is “conditional” so it may be permitted. However, it requires the decision of the Director of Planning.
Polygon has submitted a revised formal application to the City of Richmond for permission to rezone a 13.5 acre site at Cambie Road and Sexsmith Road. An earlier application from 2020 envisioned a similar overall plan, however, a revised proposal includes more affordable housing and more public space.
The assembly acquired by Polygon in 2018 for $147 Million sits on the Eastern edge of Richmond’s City Centre Area.
The proposal for the site, entitled ‘Talisman’, which has gone through a couple of rounds of feedback and revision, in part due to request for tree retention and more rental housing, includes development of a mixed-use, mid-rise and high-rise development consisting of two woodframe lowrise buildings and six concrete highrises. The overall master plan includes:
1,014 condo units;
156 affordable (low end of market) rental units;
171 market rental units;
8,438 sq ft of commercial space fronting Capstan;
1.23 Million SF of total gross floor area;
1.34 acres of new City Park;
2.10 acres of public open space.
The site is to be developed in four phases, as follows:
Belford Properties has submitted a series of revised, phased rezoning applications for four sites that they own in the Metrotown area of Burnaby.
Each of the sites was originally proposed for rezoning in 2017 & 2018; however, due to market conditions and changes to the City of Burnaby’s rental zoning policies, the projects have not moved forward until now.
The four sites in question are proposed to be rezoned concurrently, incorporating the rental use zoning and tenant assistance policy measures adopted in 2020. A phased development agreement (PDA) is required. Part of the overall proposals involves shifting density and consolidating the rental units on one site.
Overall, the proposal envisions 1,255 residential units (867 condos & 388 rentals) in five towers, located on four separate sites.
The sites in question are:
6630 Telford Avenue (Site A)
6366 Cassie Avenue & 6433 McKay Avenue (Site B)
6444 Silver Avenue (Site C)
4355 Maywood Street (Site D)
Site A (Telford) and Site B (Cassie/McKay) are proposed to be developed immediately and concurrently as part of Phase 1. Site C (Silver) and Site D (Maywood) are permitted to be developed at a later date, either concurrently or separately, based on market conditions.
Details for each site include the following:
6630 Telford Avenue
a 31-storey market & non-market rental tower & a 15-storey market rental tower;
168 market rentals & 220 non-market rentals;
a total density of 8.11 FAR;
6433 McKay Avenue and 6366 Cassie Avenue
a 39-storey condo tower;
337 condo units;
a total density of 4.45 FAR;
a building height of 411 ft.
6444 Silver Avenue
a 41-storey condo tower;
254 condo units;
a total density of 5.97 FAR;
a building height of 412 ft.
4355 Maywood Street
a 32-storey condo tower;
276 condo units;
a total density of 7.84 FAR;
a building height of 321 ft.
In each case, the rezoning is based upon the RM-4s guidelines.
The architect for the Telford site is indicated as DA Architects & Planners. The architect for the Silver Avenue project is IBI Group.
The 220 replacement rental units are required to be rented in accordance with the Rental Use Zoning Policy, i.e. right of first refusal to tenants displaced by the four rezoning applications, with subsequent tenancies being at 20% below CMHC median rates. Fifty percent (50%) of the additional rental units must be rented at CMHC median rental rates and the remaining 50% can be rented at market rental rates.
First Capital REIT --> Choice Properties REIT and Kingsett Capital are teaming up to acquire the Canadian real estate company in a deal valued at over $9 billion, including assumed debt. Choice Properties will acquire roughly five billion dollars worth of shopping centres, while
