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.
Boffo Developments has submitted their rezoning application to establish a Conceptual Master Plan for the “Bassano” site, a 4.1 acre high density residential site, now industrial, at the Southeast corner of Springer and Lougheed in the Brentwood area of Burnaby. Immediately to the north of the site, along the Lougheed frontage, is the SkyTrain Millennium Line Guideway.
Under the Brentwood Town Centre Development Plan, the subject site is designated for high-density multiple-family residential utilizing the RM5s and RM5r Multiple Family Residential Districts as guidelines
The site was originally envisioned for development in 2017 and now Boffo is moving forward with a master plan concept.
Details of the master plan proposal is a 3-phase project including:
4 condo towers up to 34 to 50-storeys in height;
a 6-storey rental podium;
1,246 units;
1,102 condos;
144 non market rentals;
1.3 Million Gross Buildable SF;
a total density of 7.06 FAR;
street oriented townhouses;
outdoor amenity space.
It is envisioned that the three phases and their adjacent service provisions would be completed over a 10 year period. However, the exact timing of development will be influenced by market conditions.
Given the site’s Town Centre location, Boffo is proposing to utilize the supplemental amenity density bonus provisions indicated within the Zoning Bylaw. In so doing, Boffo would achieve an additional 1.6 FAR.
Several notable rezoning applications go to City of Burnaby council next week. A brief summary of the proposals heading for first reading is included below:
5868 Olive Avenue
Polygon is proposing a new 34-storey condo tower for this site in the Metrotown area. The development will 261 market strata units, 47 non-market rental units and one market rental unit. The total proposed density for the project is 5.0 FAR. The rezoning is based on the RM5s and RM5r guidelines in the Metrotown Downtown Plan.
5900 Olive Avenue
On the adjacent site to the South, Polygon is also proposing a 38-storey condo tower and a 6-storey market and non-market rental building. There are 475 units in total including 339 condo units and 118 rental units for a total of 786 units between the two sites.
6280 and 6350 Willingdon Avenue
Wesgroup is proposing two condo and rental towers with podium frontage in the Maywood neighbourhood of the Metrotown Downtown Plan. The 78,550 sq ft site is located on Willingdon Avenue south of Beresford Street. The proposed development plan is for a 35-storey condo tower and a 38- storey condo and non-market rental tower. Both buildings will be oriented towards an internal court yard with an 8-storey podium. In total, the project will have 733 units, including 617 condos and 116 rental units. The total density will be 7.13 FAR.
