Burnaby Updates - Page 311

Lexus · #**6201** Posted **Oct 29, 2025, 7:25 PM**

2025, Oct 29

Burnaby Hospital Phase 1 nearing completion:

Untitled by Lexus LX 700, on Flickr

officedweller · #**6202** Posted **Oct 29, 2025, 7:46 PM**

They really need to choose colours that do not give the appearance of being in disrepair (like flaking paint).

officedweller · #**6203** Posted **Oct 29, 2025, 11:01 PM**

1,400 Unit Student Housing Development Proposed Near SFU

Quote:

The preliminary proposal for the site calls for four terraced buildings, up to 16-storeys, and includes:
950 student housing units
450 market rental units
Two phases

https://vancouvermarket.ca/2025/10/24/1400-unit-student-housing-development-proposed-near-sfu/

Lexus · #**6204** Posted **Nov 10, 2025, 3:11 AM**

2025, Nov 9

Concord Greenhouse
Would be nice for this project to have a dedicated thread...

by Lexus LX 700, on Flickr

gaviscon · #**6205** Posted **Nov 15, 2025, 8:15 PM**

Is this still alive?

Spr0ckets · #**6206** Posted **Nov 16, 2025, 2:20 AM**

Not in that form, it's not.

But for all intents and purposes consider it much like many of those Maywood area proposals pre-COVID era.

It's pretty much dead.

(Which isn't to say it won't be resurrected again in the future in some other form).

For any project proposals in the area, if it's not currently under construction (i.e past excavation) or deep in the permit application process (like the one proposed for next door to Moda to the east of Highline), then it's pretty much dead for the time being.

Part of the the problem for this one is that it had all that office space proposed in that podium in additon to being a strata tower - 2 markets that currently aren't working.
(I believe the shorter tower to the south behind it was market and replacement rental)

Highline next door had to convert its office podium into a Hyatt hotel - and this was AFTER construction was complete. And I'm not entirely certain all the units in the tower itself are sold out.

And a bit farther to the West one lot over, Sun Tower's office podium is mostly vacant.

So yeah,....that's the market you're dealing with at the moment.

jollyburger · #**6207** Posted **Nov 16, 2025, 2:40 AM**

Quote:

Originally Posted by Spr0ckets

[...]
Highline next door had to convert its office podium into a Hyatt hotel - and this was AFTER construction was complete. And I'm not entirely certain all the units in the tower itself are sold out.

And a bit farther to the West one lot over, Sun Tower's office podium is mostly vacant.

So yeah,....that's the market you're dealing with at the moment.

Seems like they had 119 units left to sell in Jan 2025 during their receivership

https://storeys.com/highline-metrotown-thind-receivership-rennie/

https://www.ksvadvisory.com/docs/default...ed-january-13-2025.pdf?sfvrsn=287c917f_1

Seems like Anthem was brought in to sell the units after nothing happened with Rennie's attempt to sell them in September.

https://www.ksvadvisory.com/docs/default...-september-30-2025.pdf?sfvrsn=34afc89f_1

All the documents:

https://www.ksvadvisory.com/experience/case/highline-and-minoru

officedweller · #**6208** Posted **Nov 16, 2025, 4:51 AM**

Hyatt is a decent brand, even if a Hyatt Place.

jollyburger · #**6209** Posted **Nov 16, 2025, 5:07 AM**

Quote:

Originally Posted by officedweller

Hyatt is a decent brand, even if a Hyatt Place.

Opening got pushed back to 2026.

gaviscon · #**6210** Posted **Nov 20, 2025, 5:07 PM**

Anyone heard of any updates for 4444-4488 Kingsway?

Still see it mentioned as "coming soon" on Keltic's website

Changing City · #**6211** Posted **Nov 20, 2025, 5:21 PM**

Quote:

Originally Posted by gaviscon

Anyone heard of any updates for 4444-4488 Kingsway?

Still see it mentioned as "coming soon" on Keltic's website

Keltic's website is not working properly. Their office development in Vancouver is in receivership. Their Richmond business park is for sale. What do you think is happening to their Burnaby condo project, in a market that is currently dead in the water?

Spr0ckets · #**6212** Posted **Nov 20, 2025, 5:51 PM**

I bet they end up selling that site (and take a MASSIVE haircut on the $140-ish Million they spent to get it from Bosa.....who themselves had acquired it for only $24 Million and walk away with a cool $120-something million pure profit or thereabouts)

They completed their O2 Tower in Maywood and it seems like they have occupancy.

But I don't see any of their other proposed projects moving forward.

( I believe they have or had another project proposal in the Brentwood area(?) ....the former Revs Bowling place?)

Klazu · #**6213** Posted **Nov 20, 2025, 11:21 PM**

I don't think O2 has occupancy quite yet, although there are more lights on after dark. The site still looks full of construction, but they re getting there.

Quote:

Originally Posted by Lexus

Burnaby Hospital Phase 1 nearing completion:

Untitled by Lexus LX 700, on Flickr

Ugh, not sure why it looks so awful in the photo, since it looked pretty decent when I last drove by and it doesn't look too bad from distance, as seen from Metrotown.

gaviscon · #**6214** Posted **Nov 21, 2025, 12:16 AM**

Out of all the hospitals we've built in the LM recently, this turned out the best so far...

Let's hope the BC Cancer building behind this will be good

Lexus · #**6215** Posted **Nov 21, 2025, 3:06 AM**

2025, Nov 20

Kwasen:

Untitled by Lexus LX 700, on Flickr

Untitled by Lexus LX 700, on Flickr

Brentwood:

Untitled by Lexus LX 700, on Flickr

Demolition underway at former Saputo plant by Sperling-Burnaby Lake Station

Untitled by Lexus LX 700, on Flickr

gaviscon · #**6216** Posted **Nov 22, 2025, 1:49 AM**

What happened?

jollyburger · #**6217** Posted **Nov 22, 2025, 3:19 AM**

Quote:

Originally Posted by gaviscon

What happened?

May 2025

Quote:

An Excavation Permit is close to issuance for the proposed development, with
excavation and offsite work to shortly follow. However, the applicant has advised staff
that the project’s financing application for the CMHC Affordable Housing Fund was
recently declined and that BCGEU is pursuing alternative financing options to continue
the project. Consequently, in the absence of CMHC contributions and favourable
terms, the approved non-market rental rates are no longer financially viable, and the
applicant has requested an adjustment to the affordability of some of the rental units to
finance the project.

The applicant has proposed to amend the terms of the Housing Agreement to reflect
the minimum required non-market rental units under the Rental Use Zoning Policy
(RUZP). The requirements under the RUZP would include 17 units to be rented at
20% below CMHC market median rates (based on 20% of the 81 units derived from
the RM3 density in Table 1), and 72 units rented at the CMHC market median rate
(based on half of the balance of the 161 units derived from the RM5r density in Table
1). Table 2 below summarizes the rental rates per zoning district for both the existing
(original) proposal, which is exceeding the minimum required under the RUZP, and the
proposed changes, which meet the minimum RUZP:

https://pub-burnaby.escribemeetings.com/filestream.ashx?DocumentId=81572

October 30

Quote:

BCGEU - "ROYAL OAK AFFORDABLE HOUSING"; PERMIT FOR EXCAVATION ONLY for Two Multi-Residential RENTAL
Towers ( 6887 Palm Ave-Building B; & 6947 Palm Ave Building A) with Mixed Use Podium on 3 Levels of Underground
Parkade (292 Units)

Bosa is building it

https://www.burnaby.ca/sites/default/files/acquiadam/2025-10/October-30-2025.pdf

That thing is ugly. They should be building hospitals.

https://www.da-architects.ca/projects/royal-oak-affordable-housing/

gaviscon · #**6218** Posted **Nov 22, 2025, 4:24 AM**

Thanks as always. I guess they're ready to excavate. I was wondering cause I used to live just across the road from there until this past summer, and didn't see any action for years.
You'd think they'd expedite a purpose-built rental project like this given the housing situation

It does look like a hospital...

officedweller · #**6219** Posted **Nov 28, 2025, 1:38 AM**

Also has a good overview of Keltic's woes.

Keltic lists Burnaby REVS Bowling project less than three years after purchase

Quote:

Keltic acquired the 4.29-acre property for $94 million in 2023, one of Metro Vancouver’s largest real estate transactions that year.

After teasing redevelopment plans, Keltic unveiled a rezoning proposal earlier this year for three high-rise towers of between 45 and 59 storeys with 1,667 residential units: 1,172 strata units, 260 market rentals units and 235 non-market rental units.

The City of Burnaby granted the rezoning application a third reading — tantamount to conditional approval — in May 2025, but 5502 Lougheed Highway was listed for sale on November 26 by Jamie Wallace of Oakwyn Realty Ltd. and Goran Bucan of Sutton Group West Coast Realty with an asking price of $108 million.

https://www.biv.com/news/real-estate/kel...than-three-years-after-purchase-11549608