[Burnaby] Citizen by Anthem | 213 m | 66fl | U/C

[Zepfancouver]

I will be appreciating this future dethroner , but we're still waiting for BC's first 70 or even 80 story tower.

[madog222]

Originally Posted by Zepfancouver

I will be appreciating this future dethroner , but we're still waiting for BC's first 70 or even 80 story tower.

Despite the developer’s marketing this tower won’t dethrone any title, the next tallest will be Concord Metrotown’s Grand Tower which is already above grade.

[Zepfancouver]

That for the info madog222, I'll look out for that tower (Concord Metrotown’s Grand Tower) on my commutes.

[vic]

Anthem for the Citizens Development sent out today new disclosure statements to convert the office to mixed hotel use and related amenities like food and retail via a rezoning development application amendment. The ground floor also expanded from a cafe and restaurant to include ground floor office and retail within the building with no changes in SF commercial space. Foot traffic, commercial parking, and other uses now include visitors and 24/7 commercial operation. The completion date was also delayed with the revised estimate being May 31, 2029 to Aug 31, 2029. Usually, large developments have delays so completion is closer to year-end 2029.

This office-to-hotel conversion was mentioned prior back in June 2024:

Anthem Exploring Office-To-Hotel Switch For 66-Storey Citizen Tower Podium
Author name: Howard Cai
Publication Name: Storeys
Date of Publication: June 25, 2024
Url: https://storeys.com/anthem-citizen-burnaby-office-hotel/

"The purpose of the rezoning is to incorporate the potential for hotel use within the existing C3 Commercial portion of the project," wrote Anthem Properties Vice President Melissa Howey in their rezoning letter of intent dated May 21, 2024. "This addition will allow future flexibility and responds to the strong demand across Metro Vancouver for hotel units to support the City's economic and tourism sectors as well as the community."

[CCRC]

Any Progress Since July?

[jollyburger]

The article says Fall 2024 excavation so I guess wait a few months

[griswold]

There's an excavator hiding in the corner.

[A320]

Noticed the signs on Kingsway for Citizen were taken down. Funding crunch?

Vancouver developer seeks to raise $82M for Metrotown project via IPO: https://www.biv.com/news/real-estate/van...2m-for-metrotown-project-via-ipo-9508936

[jollyburger]

Seems like they are still progressing though.

The project has rezoning approvals and entitlements complete, the release said. Construction is expected to begin in the fourth quarter of 2024 once the IPO has closed. An excavation permit was issued on Aug. 8 with the full building permit issuance expected in May 2025, according to the company.

[Spr0ckets]

Originally Posted by A320

Noticed the signs on Kingsway for Citizen were taken down. Funding crunch?

Vancouver developer seeks to raise $82M for Metrotown project via IPO: https://www.biv.com/news/real-estate/van...2m-for-metrotown-project-via-ipo-9508936

For a developer that has been on a buying spree of other stalled development projects (Ethos at Marlborough, Metrotown, Southyards in Brentwood), and also joining other megaprojects (Telus Boot project), all on top of their already decent sized portfolio of projects even in the Metrotown area alone (Station Square, Nuvo, The Standard..) and growing, I wouldn't have imagined they would be having funding or financing issues with this project.

It looks like its still moving forward, but it's rather surprising to learn they'd need to raise funds via an IPO.
It will be great to see this one finally get off the ground (....or into it, via excavation,.... as the case may be)

[jollyburger]

Originally Posted by A320

Noticed the signs on Kingsway for Citizen were taken down. Funding crunch?

Vancouver developer seeks to raise $82M for Metrotown project via IPO: https://www.biv.com/news/real-estate/van...2m-for-metrotown-project-via-ipo-9508936

Anthem Citizen IPO expected to close this month amid significant investor interest

In an Oct. 16 press release, Anthem said “it has received expressions of interest and commitments that in the aggregate are expected to achieve the maximum offering amount of $82 million.” Accordingly, the company has filed a final prospectus with securities regulators in each of Canada’s provinces and territories.

It is expected that the offering will close on Oct. 29, according to Wednesday’s release. The announcement was technically made by Anthem Citizen Real Estate Development Trust (REDT), a newly created, unincorporated investment fund with a five-year target investment horizon.

https://www.biv.com/news/real-estate/ant...id-significant-investor-interest-9679003

[kja384]

Dailyhive article regarding the IPO with great insight on the numbers

https://dailyhive.com/vancouver/citizen-tower-anthem-properties-burnaby-metrotown-ipo

[Klazu]

Hadn't seen the Deer Lake render before. Man, these new towers along Kingsway are going to redefine Metrotown's already amazing skyline!

[Spr0ckets]

And that render doesn't even include the Concord Metrotown towers, with the Grand Tower that will tower over that......tower ....(excuse the pun)....by a bit, or the Esso site project tower, if that project ever shows any signs of life again soon.

And a bit farther to the west (after a Central Park field-sized gap), you'll also be looking at Anthem's Telus Boot Towers (also in the 60-70 storey range) if they manage to get that built out as proposed.

[Locked In]

^ That view reminds me of a photo I took back in 2004 when I got my first digital camera - lots of changes since then!



May, 2004 - 115_1580 by 604 City, on Flickr

[Zepfancouver]

Not sure if this is the right thread for this. I'm interested with the title of the project given in this video.
Edit: I look a closer took at the video and yes! This is our new latest tall boy.

• Video Link

[gaviscon]

If I could speed up just 1 major project in Vancouver it would be the downtownification of Metrotown.

[BaddieB]

Originally Posted by gaviscon

If I could speed up just 1 major project in Vancouver it would be the downtownification of Metrotown.

Even if the whole neighbourhood remained intact, just the redevelopment of the mall would completely change the tone of the area. However, unfortunately, the seems like the last thing to happen.

[Spr0ckets]

For obvious reasons.

Aside from the current anchor tenant leases that run for the next few decades into the 2040's and 50's, there's also the fact that it remains one of the strongest performing malls in the wider region, and still one of the top 10 in all of Canada in terms of visitor foot traffic and the sales revenue it generates.

Everybody talks a big game about breaking it up, but that's not likely to happen (fully) in any of our lifetimes.

[Sheba]

Something's happening. I couldn't see anything above the hoarding but I could hear activity from the other side of Kingsway.