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Posted May 30, 2021, 6:28 PM
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Join Date: Dec 2015
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HBC's lease at Metrotown ends in the 2080s 
Quote:
Burnaby-Coquitlam steps into the spotlight
Two neighbouring Metro Vancouver municipalities represent the sixth largest real estate development site in Western Canada.
Frank O'Brien Western Investor
May 28, 2021
Shape’s leasing manager Helen Rego: Amazing Brentwood nearly fully leased. | Chung Chow
— Shape’s leasing manager Helen Rego: Amazing Brentwood nearly fully leased. | Chung Chow
Burnaby and Coquitlam are neighbouring Metro Vancouver suburban municipalities but, based on building permit values, the two represent the sixth largest real estate development site in Western Canada. With a monthly average of $64 million worth of construction this year, the two centres are on pace to challenge the $1 billion-plus in permits issued in 2020.
In the first quarter of this year, Burnaby alone issued $135.7 million in building permits and, tellingly, commercial construction accounted for the largest slice of the action, at 38 per cent, representing 94 separate projects.
Most of the construction cranes are flocking to three hubs: Metrotown in Burnaby, home the largest shopping mall in British Columbia; Burnaby’s Amazing Brentwood, where the first of three phases is now finishing; and the City of Lougheed on the Burnaby-Coquitlam border where $7 billion in mixed-use construction is well underway.
Coquitlam, where planners are now processing four massive master-plan developments, could take the lead in building permits over the next few years. In all a total of 31 residential and mixed-use towers and more than 980,0000 square feet of commercial space is proposed in four current applications by developers Marcon, Merguard Investments and Polygon, according to Andrew Merrill, director of development services in Coquitlam.
Morguard’s plan is centred around Coquitlam Centre mall and proposes 11 residential towers bracketing a renewed shopping centre.
There is also a pending application for six film studios on an industrial site at 1050 United Boulevard. A 14-storey office tower was recently approved for Glen Drive in the city; and two new schools and a new YMCA recreation centre have also been greenlit.
“There were 135 new development projects submitted in 2020, a 38 per cent increase when compared to 2019. It is important to note that not only is the total number of development applications rising, the complexity of each project is also increasing with bigger projects, a mix of land uses, multiple phases, and higher numbers of dwelling units,” Merrill said.
In Burnaby, the Amazing Brentwood, by Shape Properties, is setting the pace for complex, mixed-use developments in the region.
Located in the Brentwood neighbourhood, the 28-acre master planned community will be built over three phases. The first phase, currently in the final stretch, includes 450,000 square feet of new retail space and three residential towers – including 300 rental homes. In all, 11 towers are planned and two of the tallest in Burnaby – at 49 storeys – are already complete. (The tallest building in Western Canada, a 64-storey residential high rise by Onni Group, has been approved nearby at Gilmore and Lougheed. )
“The Amazing Brentwood’s retail spaces are now approximately 90 per cent leased with 61 tenants already in place,” said Helen Rego, leasing manager, Shape Properties, who notes the centre is a magnet for top-brand retailers.
“ Nike, Adidas, H&M, H&M Home, The Rec Room, Sephora, and Cineplex VIP are just some of the fantastic retailers that have opened or will be opening soon at The Amazing Brentwood,” Rego said.
While Brentwood continues, the City of Burnaby is forging ahead with a long-range plan to create a downtown core from scratch. The process will eventually see many new high rises, plazas, parks and streets built to replace the Metropolis at Metrotown shopping centre – but Canada’s third-busiest mall isn’t going anywhere anytime soon.
Burnaby council is working on a master plan for the 46-acres that is currently home to 1.7 million square feet of retail space. When fully approved, city staff will work with developer Ivanhoe Cambridge on a plan that could take a century to fully implement.
Concord has already submitted plans to build six residential towers, ranging from 35 to 65 storeys. on an adjacent site.
Over the next 10 years, relatively little will change at Metropolis, said Graeme Silvera, Ivanhoe’s vice president of development and retail.
The redevelopment has to comply with the long-term leases of its four anchor tenants, including the Hudson’s Bay department store whose lease runs into the 2080s, he said.
“When you're dealing with a 100-year master plan, you have to really put on that long lens,” Silvera said.
At the City of Lougheed, Shape is already deep into transforming 37 acres under the largest master planned project in B.C. When complete the city-within-a-city will include23 high-rise towers that include an estimated 10,000 homes, one million square feet of office space and a refurbished and expanded shopping mall that will measure 1.4 million square feet.
Demand for land in Burnaby was underlined this February when the City of Burnaby called for bids on a 17-acre site on Marine Way: the minimum purchase price is $64 million.
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https://www.westerninvestor.com/news/bri...tlam-steps-into-the-spotlight-1.24324134
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