Burnaby Updates

[officedweller]

I just noticed that the overhead walkway to City of Lougheed seems to be less prominent than before.
There seems to be too much grass around the Transit Plaza to be maintained practically.
They should have more retail fronting the Transit Plaza to create more of a retail precinct along with City of Lougheed.

[Metro-One]

Originally Posted by officedweller

I just noticed that the overhead walkway to City of Lougheed seems to be less prominent than before.
There seems to be too much grass around the Transit Plaza to be maintained practically.
They should have more retail fronting the Transit Plaza to create more of a retail precinct along with City of Lougheed.

Good spot, yeah, don’t like that.

There should be a direct covered overhead walkway between the station and the City of Lougheed project.

[SpongeG]

the City of Lougheed will change a lot more so it's not really easy to figure out where a walkway could be. Phase two is in the SW corner of the parking lot, it could be phase 5 before some kind of something to connect to is even built.

[SpongeG]

is this lighting screen up and running yet or is it just dead?

https://www.sixteen-nine.net/2020/08...tro-vancouver/

[Klazu]

I haven't seen it on since late last year when they were testing it. Such a shame and waste if something that could be so nice.

[SpongeG]

this was proposed a while ago but seems to be going ahead now.

Burnaby property sold for $70M profit now eyed as region’s largest rental project
Lougheed set for a boom with new strata and rental towers, plus an expanded community centre
about 8 hours ago By: Staff Reporter


2 / 2 An artist's rendering of the proposed towers for the new Lougheed Village development. The three tallest towers in the image are the proposed buildings, totalling 1,200 rentals between them. Image courtesy of Starlight Developments

With 1,200 new units planned for the development, Lougheed Village is expected to house a total of 1,728 units, with the site already home to 528 rental suites in four highrise towers.

The three new towers are expected to reach 48, 39 and 36 storeys, according to Starlight, and the existing buildings have been renovated in recent years.

https://www.burnabynow.com/real-esta...roject-4236579

[Vin]

That's how you create affordability.

[FarmerHaight]

Originally Posted by Vin

That's how you create affordability.

Maybe not. Purpose built rentals cost about the same as, and sometimes more than, condos that are rented out.

https://www.youtube.com/watch?v=0pzi10ThnvI

[WarrenC12]

Supply, either condos, PBR, or something else all works. There's no magic bullet.

[GenWhy?]

Lougheed area / Burnaby new rentals are about $1,900 - $2,100 for a 1-Bed still?

[FarmerHaight]

Supply is great, but skyscrapers with deep underground parking structures need to be rented at a minimum price to recoup costs.

Two alternatives that could result in lower housing costs and are not mutually exclusive are:
- Smaller scale developments with minimal parking spaces and intensive land use. Going four or five stories tall would keep the build cheap, and not dedicating land to parking stalls would allows for the cost of the land to be spread out among more units.
- Leasing city property to housing co-ops instead of selling to development companies would remove the need to make a profit. Renters (like owners) would only pay the costs of the home and not the mark-up charged by landlords.

[WarrenC12]

Originally Posted by FarmerHaight

Supply is great, but skyscrapers with deep underground parking structures need to be rented at a minimum price to recoup costs.

But that's not how the market works. If zoning rules were opened, developers could and would build whatever people were willing to pay for. That would probably involve a broad range of supply, everything from skyscrapers with parking, to 3 story wooden buildings without any parking.

[FarmerHaight]

Originally Posted by WarrenC12

But that's not how the market works. If zoning rules were opened, developers could and would build whatever people were willing to pay for. That would probably involve a broad range of supply, everything from skyscrapers with parking, to 3 story wooden buildings without any parking.

I know supply and demand work together to get to price. However, housing is not a perfectly competitive market. Developers aren't interested in selling units at or just above cost. They have a set margin in mind when they start on a project which is how they attract capital. Events out of their control like a financial crisis may lower prices, but they are motivated to keep supply below demand to increase margins.

The demand curve can be broken into segments. If equilibrium for a 500 square foot rental is $1,500 and that's the price I'm willing to pay, but 1,000 people are willing to pay somewhere between $1,500 and $2,000, the development company will not build until all 1,000 of us have homes. Instead it may build 600 units, wait until the market climbs again because of population growth, collect some rent from its surface parking lot, and start building when the margins are big enough.

Developers obviously have a place because there are people willing and able to pay, but they won't build metro Vancouver out of this mess.

[Vin]

Originally Posted by FarmerHaight

Maybe not. Purpose built rentals cost about the same as, and sometimes more than, condos that are rented out.

https://www.youtube.com/watch?v=0pzi10ThnvI

With no rental high-rises, try renting a house and see if that is cheaper, if you are able to find one.

[FarmerHaight]

Originally Posted by Vin

With no rental high-rises, try renting a house and see if that is cheaper, if you are able to find one.

There are plenty of rental high rises. They are just condos that are rented out by the owner (which may be an individual or a corporation) instead of PBR.

I never said rental high rises shouldn't exist, but you did imply that PBR are somehow more affordable than condos and this simply isn't the case.

[Klazu]

This is so hilariously stupid. Does he even know that the rental tower is actually on the other side of Kathleen Avenue than most of his teeny-tiny "forest". Also, this "forest" is a constant dumping ground for furniture and more. Also homeless people camp there from time to time.

What a loonie. I would love to see him locked to those trees for weeks in the cold autumn rain.

https://www.burnabynow.com/local-new...-tower-4254134

[SpongeG]

Management of Burnaby's Metropolis mall taken over by new company

about 14 hours ago By: Chris Campbell

Burnaby’s biggest shopping mall will be under new management this fall.

Metropolis at Metrotown is owned and managed by Ivanhoé Cambridge, but the company announced a new partnership to manage mall operations.

On Oct. 1, Ivanhoé Cambridge will transition the operations of its Canadian shopping centres over to JLL, the largest third-party retail property management company in North America, according to a news release.

https://www.burnabynow.com/local-bus...ompany-4299202

[Lexus]

2021, September 6

Complex with two NHL-sized ice rinks at 7789 18th Street. It is right next to Southgate Development.

https://dailyhive.com/vancouver/sout...s-construction

Untitled by Lexus LX570, on Flickr

Untitled by Lexus LX570, on Flickr

Untitled by Lexus LX570, on Flickr

[Lexus]

2021, September 6

Excavation is underway at Alaska St. 4400 block.
Alaska by Amacon

Untitled by Lexus LX570, on Flickr

Untitled by Lexus LX570, on Flickr

[Klazu]

West side of Willingdon soon has towers lined up from the railroad overpass all the way to Lougheed Highway. The east side really needs to do some catching up...