Burnaby Updates

[whatnext]

Howard Chai from Storeys was hinting at a Burnaby highrise project failing on X with details to come later. Any guesses?

[officedweller]

The one that was relying on an IPO?

[madog222]

Yeah, it's almost certainly Citizen.

[Metro-One]

Taller projects can’t catch a break in BC it seems. How did they fuck this up?

[jollyburger]

Originally Posted by Metro-One

Taller projects can’t catch a break in BC it seems. How did they fuck this up?

Look at the residential condo market

Here's the IPO presentation

https://www.citizenbyanthemdevtrust....esentation.pdf

It seems kind of short from the launch of the IPO to already call it quits though.

The Project is construction-ready and substantially pre-sold; 286 condominium units
pre-sold (77% - $269 million of revenue)1, now rezoned with development and excavation permits
issued and full building permit issuance expected in May 2025, and construction financing committed.

Zoning - Anthem obtained final approval to rezone the site for a mixed-use
development on June 5, 2023. An amendment to permit hotel use within the
Project was approved on September 9, 2024.
• Permits - The site, which was acquired by the Current Owners in 2019, has been
cleared and is 'shovel-ready', with excavation slated to begin upon closing of the
offering. An excavation permit was issued on August 8, 2024, with the full building
permit issuance expected in May 2025.
• Financing - A construction financing facility is committed from a CIBC-led bank
syndicate. Pre-sale threshold has been exceeded

[phesto]

The foreclosure won't be Citizen...Anthem might have difficulty raising the capital they're trying for (and the project might stall), but it won't go into foreclosure that quickly.

Maybe the Kirpal project on Maywood? Or iFortune on Royal Oak?

[BaddieB]

Hoping nothing gets built so the City of Burnaby runs out of that sweet sweet development tax money. They need to take a hint.

[Spr0ckets]

None of the above.

https://storeys.com/6622-6688-willin...e-foreclosure/




It's one of the Maywood area projects south of Beresford that was submitted a while back in the pre-pandemic era and then was in a holding pattern during the DP application process like a lot of projects from back then.
And I guess the slowdown in the condo market probably did it in just like other developments in recent times.


Citizen has two excavators on site, which more activity than we've seen on that site for months, so if anything, it would seem like that project is a go pending their DP Amendment resubmission to switch from office use in the podium to hotel usage.
And Anthem has a number of projects going on right now, or soon to launch in Metrotown apart from it. I doubt very much they'd be having liquidity issues - the IPO status of this project notwithstanding.

[Vin]

Originally Posted by Tvisforme

80 and 73-story towers approved adjacent to Lougheed Town Centre SkyTrain station:



Source: Burnaby NOW article

In this economic climate, it is still amazing that many developers are still focusing on building high-density housing in Burnaby.

Originally Posted by BaddieB

Hoping nothing gets built so the City of Burnaby runs out of that sweet sweet development tax money. They need to take a hint.

Sorry to disappoint you but there is more coming into the City of Burnaby if you follow development trends in the Lower Mainland. Only difference is that there is currently attrition going on with overstretched developers kicked out of the circle creating more opportunities for deep pocket ones such as Grosvenor entering. This also bucks the trend of the decline of condo developments in all major markets of this country.

[A320]

Burnaby Considering Development Framework Based On Height Instead Of Density: https://storeys.com/burnaby-height-b...ent-framework/

[whatnext]

Originally Posted by Spr0ckets

None of the above.

It's one of the Maywood area projects south of Beresford that was submitted a while back in the pre-pandemic era and then was in a holding pattern during the DP application process like a lot of projects from back then.
And I guess the slowdown in the condo market probably did it in just like other developments in recent times.


Citizen has two excavators on site, which more activity than we've seen on that site for months, so if anything, it would seem like that project is a go pending their DP Amendment resubmission to switch from office use in the podium to hotel usage.
And Anthem has a number of projects going on right now, or soon to launch in Metrotown apart from it. I doubt very much they'd be having liquidity issues - the IPO status of this project notwithstanding.

LOL, "Willingdon Rose" is that a joke?

Planned 34-Storey Willingdon Rose Project In Burnaby Subject Of Foreclosure
​The Willingdon Rose project, set for 6622 and 6688 Willingdon Avenue in Burnaby, received third reading approval in December 2022, but is now under foreclosure.
Howard Chai
October 03, 2024


The high-rise rental development in Burnaby known as the Willingdon Rose is the subject of ongoing foreclosure proceedings, according to filings in the Supreme Court of British Columbia obtained by STOREYS.

The Willingdon Rose is a planned 34-storey project with 362 market rental units and 98 non-market rental units — one of the rare full-rental projects in Burnaby — set for 6622 and 6688 Willingdon Avenue, one block east of Central Park and about a 10-minute walk away from Metrotown Station and the Metropolis at Metrotown shopping centre...

The Willingdon Rose is a planned 34-storey project with 362 market rental units and 98 non-market rental units — one of the rare full-rental projects in Burnaby — set for 6622 and 6688 Willingdon Avenue, one block east of Central Park and about a 10-minute walk away from Metrotown Station and the Metropolis at Metrotown shopping centre...

....Both parcels are currently occupied by low-rise rental buildings constructed in 1967, with a total of 72 units. The properties are legally owned by 1147979 BC Ltd. and controlled by Zhiping Yang, both of which are named as respondents in the foreclosure proceedings....

The two properties have also been at the centre of a long and winding civil claim, initiated in July 2020 by a company called Vandev Consulting, a development consulting company wholly-owned by Vandevelop Properties, which is itself owned by a company controlled by Jiangming Zhu, a company controlled by Gordon Tang, and a company controlled by Patrick Lynch, in a 40/40/20 ownership split, according to court documents.

The civil claim was over a $1 million service fee Vandev Consulting says Pacific Maple Manufacture Inc. — a company controlled by the aforementioned Zhiping Yang — owed the company. In 2021, Pacific Maple then tried to have that civil claim dismissed, only for Vandev to make a successful appeal, despite Vandev never being licensed under the Real Estate Services Act to provide services. The successful appeal returned the proceedings to the Supreme Court, who decided in a judgment last month to proceed with cross-examinations of the principals rather than a summary trial.

As is common in real estate in Metro Vancouver and many of the foreclosures that have occurred, there is also a China connection. In a 2018 memo prepared for then-Minister of State for Trade George Chow ahead of a meeting with a delegation from the Henan Province of China on November 28, 2018, Zhiping Yang is identified as Chairman, Pacific Maple Enterprise Group Ltd/ Henan Changtong Logistic Co., Ltd., and part of the incoming delegation...(bold mine)

https://storeys.com/6622-6688-willin...e-foreclosure/

[GenWhy?]

"Willingdon Rose is a planned 34-storey project with 362 market rental units and 98 non-market rental units"

That's a terrible loss for the region.

[gaviscon]

While we are losing some great projects, so far, the bleed-out isn't as bad as I thought it was going to be when we were sure about entering a recession back in 2022.

It instead feels like we have a net gain with
Pinnacle Lougheed, Citizen by Anthem, Rupert Stn redevelopment, Sperling-Burnaby Lake development, and Grovesnor Brentwood all moving forward.

[jollyburger]

And:

Burnaby Considering Easing City-Wide Inclusionary Rental Requirements

"Exempting rental projects from the requirement to provide inclusionary rental units would likely encourage the supply of rental housing, helping to ease rent increases due to low vacancy rates," said City staff in a council report. "This approach is also necessary in order to provide a viable development path for many housing projects in those areas of the city with comparatively low unit sale values, which would otherwise be financially unviable or marginally viable if providing inclusionary housing were required."

https://storeys.com/burnaby-inclusio...cy-amendments/

[BaddieB]

^that change must have been from developer lobbying and I love them for that

[officedweller]

Cameron Community Centre

Not sure if this rendering has been posted before.

From Graham Construction twitter Sept 4th:


We’re excited to announce that we’ve been awarded the Cameron Community Centre and Library project in Burnaby, B.C.!
The building will be a hybrid composite of steel and mass timber and feature a living green roof with over 200 solar panels.
https://twitter.com/GrahamBuilds

https://grahambuilds.com/news/camero...e-mass-timber/


James Cowan Theatre
Shadbolt Centre


https://twitter.com/LedcorGroup/stat...05894645014738

https://www.burnaby.ca/our-city/proj...mpaign=Website

[gaviscon]

Exterior-wise, that Shadbolt redevelopment is a downgrade...

[jollyburger]

Originally Posted by gaviscon

Exterior-wise, that Shadbolt redevelopment is a downgrade...

That's the best you are going to get when you hire Kasian.

[jollyburger]

On Monday, Burnaby City Council granted final approval to the first Indigenous-owned development project in the city: Kʷasən Village, which is also the largest Indigenous-led development project outside of Vancouver.

This phase was also originally planned to include the film studio and associated office space, but the plans have since changed.

"The applicant has now proposed to decouple the future film studio from the residential component of Phase 1, and pursue the construction of a film studio in a subsequent phase," said City staff.

https://storeys.com/kwasen-village-w...lands-burnaby/