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The City of Burnaby will next week consider approval for the long anticipated Conceptual Master Plans of two neighbouring large-scale development sites in the Bainbridge Urban Village area being developed by Peterson Group and Create Properties.

The two sites are:

“Burnaby Lake Village”

• 6800 Lougheed Highway
• 19 acre site
• formerly owned by Saputo & acquired by Peterson Group in 2018

“Burnaby Lake Heights”

• 7000 Lougheed Highway
• 14 acre site
• formerly owned by Telus Pension Fund & acquired by Create Properties in 2021

The Bainbridge Urban Village Community Plan was adopted by the City in 2022 which paved the way for the master plans for these two sites, which are the largest sites in the plan area and anticipated to have the highest densities by virtue of their proximity to the Sperling-Burnaby Lake Skytrain station.

The overall concept for is a “village core mixed-use development”, with high-density residential and commercial uses to the north and south, and park space and community uses to the west.

Both Peterson and Create have undertaken considerable design development and public consultation over the past few years and are ready to proceed with their initial development phases.

The proposed Conceptual Master Plans establish the general built form, uses, building heights, signage guidelines, proposed subdivision and phasing plans. The next step for each site is individual rezoning applications for each phase.

Below is an overview of each Master Plan:

Burnaby Lake Village – 6800 Lougheed Highway

• 14 residential and mixed-use buildings from 12 to 25-storeys;
• over 4,800 units;
• condo, market & below market rental residential;
• retail, office, childcare, medical, grocery & hotel;
• potential for seniors, industrial and brew pub space;
• community gathering hall;
• two new public streets;
• a forest walk trail;
• buildout over 5 main phases;
• maximum permitted density of 5.05 FAR or 4.1 Million SF.

Burnaby Lake Heights – 7000 Lougheed Highway

• 12 residential & mixed-use buildings ranging from 8 to 16-storeys;
• over 3,500 units;
• condo, market & below market rental residential;
• retail, office, medical, grocery & hotel;
• potential for seniors and industrial space such as brew pubs;
• community club building including childcare, non-profit, meeting & fitness space;
• two new public streets;
• a forest walk trail;
• buildout over 4 main phases;
• maximum permitted density of 5.05 FAR or 3.2 Million SF.

Rize Alliance & Minto have acquired a 5-lot land assembly on Heather Street in the Oakridge area of Vancouver for $47,300,000.

The 42,260 SF site is located on the East side of Heather Street between West 37th and West 39th Avenues. There is no publicly available rezoning application at this stage but the Cambie Corridor Plan designates the Property for an 18-storey rental tower.

Keltic Development has acquired the 4.3 acre Revs Bowling & Entertainment site at 5502 Lougheed Highway in the Brentwood Area of Burnaby for $94,000,000.

The site is improved with a bowling alley but has long been targeted for redevelopment given it’s designation as High Density Residential within the City of Burnaby’s Brentwood Community Plan.

Macdonald Commercial’s marketing brochure from 2021 indicates that the maximum potential density for the site is 8.30 FAR, which could yield over 1.5 Million SF of residential density.

A 9,000 SF mid-block rental development site at 1247 Kingsway has sold for $5,500,000. The site had been listed for sale for $7,998,000 since July 2022.

The site received DP approval for a 32-unit, 7-storey rental building in May 2022. The site was rezoned under the City of Vancouver’s Rental 100 policy in 2021.

The $5,500,000 purchase price equates to $169/buildable SF. The site was originally acquired by the developer, Da Hua Investment Holdings, in 2017 for $5,000,000.