Burnaby Updates

[Migrant_Coconut]

... Meh.

[Metro-One]

the lack of connection between the station and the remnants of the mall are still problematic. At least an at grade covered arcade should connect the mall with the station.

[BaddieB]

Im happy the Urban Park made it in, but I wish there was more pedestrian only places.

[CondoInvestor]

Brentwood copycat

[VantageHD]

Originally Posted by Lexus

2024, May 29

BCIT

Untitled by Lexus LX, on Flickr

Untitled by Lexus LX, on Flickr

Lake City Way, this thing is HUGE

Untitled by Lexus LX, on Flickr

Untitled by Lexus LX, on Flickr

Untitled by Lexus LX, on Flickr

Untitled by Lexus LX, on Flickr

I drove past this a couple days ago. Had no idea what it was, but man was it massive.

[SFUVancouver]

Originally Posted by BaddieB

Im happy the Urban Park made it in, but I wish there was more pedestrian only places.

What is this? An urban park for ants? The park has to be at least… three times bigger than this!

[jollyburger]

Revisions for possible hotel usage in the podium for Metro King

A rezoning application has been received in order to permit the addition of hotel use within the commercial floor area of the development previously approved under REZ #19-64. The proposed change also includes a minor revision to the setbacks of the commercial podium to allow for the addition of windows on the western facade. The purpose of this report is to provide Council with information on the proposal and to
recommend that the Rezoning Bylaw be brought forward for First and Second Reading
at a future date of Council.

https://pub-burnaby.escribemeetings....cumentId=76528

Third reading for Phase 1 of the Willingdon Lands also was at council this week.

[officedweller]

Originally Posted by jollyburger

Revisions for possible hotel usage in the podium for Metro King

https://pub-burnaby.escribemeetings....cumentId=76528

Third reading for Phase 1 of the Willingdon Lands also was at council this week.

I think this is the current west elevation.
Allowing windows on the west side of the podium would prevent the development to the west from continuing a street wall along Kingsway,
unless the podium is cut back significantly from the lot line.


https://en.youlive.ca/burnaby-presale/533-citizen

[BaddieB]

City reverses plan to spend $6M for expanded Burnaby elementary school gym

When asked about the reversal, the city said the provincial government's recently introduced housing legislation have reduced the city’s ability to fund growth-related services and infrastructure through its community benefit bonus policy.

I hate Burnaby council so much. They have the ability to fund it, but are choosing to play political games with school funding. Shameful.

https://www.burnabynow.com/local-new...ol-gym-9119310

[chowhou]

People: "We should build more housing."

Burnaby: "But we haven't spent enough on infrastructure!"

BC: "Too bad, build it anyway."

Burnaby: "Somehow there's even less money for infrastructure now!"

[Changing City]

Originally Posted by BaddieB

City reverses plan to spend $6M for expanded Burnaby elementary school gym

I hate Burnaby council so much. They have the ability to fund it, but are choosing to play political games with school funding. Shameful.

https://www.burnabynow.com/local-new...ol-gym-9119310

It's a bit surprising Burnaby were contemplating giving money to a school project. Most municipalities point to the province's sole responsibility for education funding, and leave it to them to fund (or fail to fund) the School Board's programs. They co-operate on planning new school locations with the School Board, but in Burnaby they leave it to the Ministry of Education and Child Care to secure the sites.

[jollyburger]

People: "We should build more housing."

Burnaby: "But we haven't spent enough on infrastructure!"

BC: "Too bad, build it anyway."

Burnaby: "Somehow there's even less money for infrastructure now! Developers cough up more cash"

Developers: "You build it"

[jollyburger]

There's some infill projects by OpenForm Properties. The first one sort of has some interesting architectural elements. Kingsway/Greenford by the Newell Substation

A 41-storey tower makes a striking architectural impression with a mesmerizing pattern of horizontal and vertical design elements. The collection of homes will feature impeccable interiors designed for both function and beauty, along with stunning views of the North Shore Mountains and Fraser Valley. The progressive nature of the building extends into a variety of forward amenities that will complement modern-day living. The tower is centrally located amongst shops, restaurants, and services only steps away, and the animated energy of Metrotown is close. Accessibility to transit and nature, such as the Highland Park Line Trail, elevates the lifestyle experience even more and will be a bold statement in living.

2nd one seems like Silver Avenue near Maywood Park with all those other new high rises

Located across from a beautiful neighbourhood park in Burnaby, the project engages the park with an urban edge of townhouses and views overlooking the greenery from the second-floor amenity spaces.
A collection of design-forward apartments are contained within a striking tower, incorporating strong vertical and horizontal architectural elements to accentuate its design.

Landscaping echoes the neighbouring park with a rich mixture of active and contemplative areas of refuge. Residents arrive through a stunning porte cochère, designed for convenient pick-ups and drop-offs, and continue into a grand double-height lobby. Spacious interiors are beautifully finished with timeless and high-quality details chosen for enduring quality.

Residents will savour views across the city and to the mountains from generously sized outdoor spaces. This central location is only steps from shops, services, entertainment, and the Metrotown SkyTrain station byway.

https://www.openformproperties.ca/live

[Sheba]

Originally Posted by jollyburger

There's some infill projects by OpenForm Properties. The first one sort of has some interesting architectural elements. Kingsway/Greenford by the Newell Substation

https://www.openformproperties.ca/live

Yeah looking at the image it must be where Honda is now. I was slightly surprised they were proposing a 41 storey tower there until I looked at the plans Burnaby has now - they have Kingsway marked as "High Street Mixed Use Corridor." I suspect they won't be able to make it strictly residential and will have to include a retail podium.

Edit: Google maps shows a rezoning sign and on the Major Developments page it's REZ 18-43

IBI Group Architects - 6958/84 Kingsway, 7243 Greenford Ave, 6957/61 Beresford Street
To permit a mixed-use dvlpmt with a commercial podium and townhouses at grade, with a residential tower above

Strata: 346
Mkt Rental: 52
Non-mkt rental: 17
Townhouses: 11

Third Reading 2022.06.20

[Changing City]

It looks like the two 'Golden Towers' on Kingsway (Capital Point, the former GVRD office and it's smaller sister) will be back in play. Slate Asset Management (of Toronto) have been unable to pay back $48.9 million of the $88.3 million loan made to them in 2019 to buy the properties.

New York-based lenders are the U.S. Life Insurance Company and the American Home Assurance Company, and they've petitioned for a receiver appointed to sell the buildings after RBC Capital Markets Group and Cushman & Wakefield ULC and later Jones Lang LaSalle failed to find a buyer since they were first offered for sale last July.

[jollyburger]

More details here

At the Burnaby properties, there was one interested potential buyer, but it wanted to extend due diligence to spring 2025. Ultimately, Slate has been unable to sell the properties.

The petitioners in the claim are New York-based lenders, the U.S. Life Insurance Company and the American Home Assurance Company, that make commercial loans. According to the claim, the lenders have lost faith in the ability of the Slate companies to achieve a sale and seek a receiver appointed to run a sales process.

As of June 20, 2024, the outstanding amount under the loan to be paid back to the N.Y.-based lenders was $48.9 million, according to the claim. Other material creditors named in the claim include the City of Burnaby, which is owed $817,479 in taxes that will fall into arrears if not paid by July 3, 2024.

On Tuesday, Slate’s Office REIT announced it has received notices of default for its revolving credit facility and expects to go into default on upcoming interest payments for three debentures.

https://vancouversun.com/news/metrot...0-million-loan

[whatnext]

But the office market is strong, strong I tell you!

[Changing City]

Originally Posted by whatnext

But the office market is strong, strong I tell you!

The owners were planning on converting one tower to residential. Older, tired and peripherally located buildings will be more difficult to lease.

Overall the office market is still the strongest in Canada. "The Canadian office market reported 439,000 sq. ft. positive net absorption to start off the year. This is the first quarter of positive net absorption since Q3 2022 and was bolstered by pre-leased new supply in Vancouver, offsetting further softness in Toronto." [CBRE]

[Vin]

Originally Posted by Changing City

The owners were planning on converting one tower to residential. Older, tired and peripherally located buildings will be more difficult to lease.

Overall the office market is still the strongest in Canada. "The Canadian office market reported 439,000 sq. ft. positive net absorption to start off the year. This is the first quarter of positive net absorption since Q3 2022 and was bolstered by pre-leased new supply in Vancouver, offsetting further softness in Toronto." [CBRE]

Yup, they were planning on not just converting that tower facing Kathleen Ave to residential, but demolishing it outright to construct a whole new tall residential tower. Sadly that didn't pan out. I suppose they were facing a financial crunch by then and had to sell the entire property to pay off their debt.

It is amazing to see that some of the lots around this property have towers that are almost completed.

[officedweller]

The longer they wait, the taller a redevelopment will probably go!