Burnaby Updates

[jollyburger]

Concert CREC fund acquires Burnaby office bldg. for $112.5M



Concert’s CREC Commercial Fund LP has paid $112.5 million to acquire a Metro Vancouver office building which is fully occupied by a provincial government tenant.

1795 Willingdon Ave. is a three-storey building with large floor plates of about 52,000 square feet. Located at the corner of Halifax Street, it contains 160,654 square feet of leasable office space.

B.C.’s Provincial Health Services Authority is the tenant. Concert says the agency is a “long-term, stable” tenant, although at some future point the property could be slated for redevelopment.

The building is located in Burnaby’s Brentwood neighbourhood. The 2.58-acre property is within the Brentwood Town Centre Development Plan core area.

“There is significant future redevelopment potential at this location, with the Brentwood Town Centre Development Plan identifying this site for high-density, mixed-use development consisting of residential and commercial uses,” a spokesman for Concert wrote in an exchange of emails.

The vendor was a private investor. Concert acquired a 100 per cent interest in the property.

Burnaby and Brentwood
As one of the fastest-growing areas in Metro Vancouver, Brentwood contains an abundance of commercial and social amenities.

The property is in a hub of new residential and commercial developments, including The Amazing Brentwood – one of British Columbia’s largest mixed-use community developments.

“This is Concert’s first acquisition in the Brentwood neighbourhood and we’re excited to be part of this rapidly growing community as we further expand our commercial portfolio in B.C.,” David Podmore, president and CEO of Concert, said in the announcement on Monday.

The Brentwood Town Center Skytrain Station is located two blocks south of the property, providing rapid transit connections to downtown Vancouver and Surrey.

The location also allows for easy vehicle and bike access along Lougheed Highway and Willingdon Avenue, and is within short driving distance to Highway 1.

“We’re very pleased to acquire this premium office property in one of the fastest-growing areas of B.C.,” said Andrew Tong, Concert’s chief investment officer and managing director of the CREC fund, in the release. “With a long-term, stable, government tenant in PHSA, this acquisition will contribute stable returns to both our portfolio and to our pension fund and institutional investors.”

The Concert spokesman said the firm is continuing to seek “income-producing assets” for the fund in core Canadian markets.

In November, the fund acquired one of Western Canada’s largest distribution centres, a 1.2-million-square-foot facility in Rocky View County, just outside Calgary. Leased by Lowe’s, the $134-million facility sits on a 69.6-acre site in the High Plains Industrial Park.

Concert and the CREC Commercial Fund LP
Concert’s fully subscribed CREC Commercial Fund LP holds a diversified Canadian portfolio. The open-ended, limited partnership fund invests in and actively manages industrial and office real estate in Canada.

The portfolio is managed by Concert and is the firm’s exclusive commercial platform.

With the acquisition of this facility, the fund’s value will increase to over $2.5 billion and includes nearly 12 million square feet of industrial and office properties.

Concert was founded in 1989 and develops, acquires and manages Canadian real estate.

With over $8 billion in assets, it is backed and owned by over 200,000 Canadians, represented by union and management pension plans.

Concert delivers condominiums, active aging communities for seniors, rental apartments, industrial and commercial properties, and public infrastructure projects.

https://renx.ca/concert-crec-fund-ac...e-bldg-112-5m/

[Klazu]

Demolition for buildings where Metro King will go up is ongoing. Very exciting if we will soon have the third 200-metre tower under construction in Burnaby.

[Spr0ckets]

Originally Posted by Klazu

Demolition for buildings where Metro King will go up is ongoing. Very exciting if we will soon have the third 200-metre tower under construction in Burnaby.

I do hope they change the name by the time it starts going up.

"Metro King" just sounds so........gauche.


There's just something.... 'Monster Trucks with flames decals on the sides and giant fake bull horns on the hood' ......about it.

I wonder if they do some market testing or focus groups for coming up with these names or they just pick them out of a hat.

[Metro-One]

Originally Posted by Spr0ckets

I do hope they change the name by the time it starts going up.

"Metro King" just sounds so........gauche.


There's just something.... 'Monster Trucks with flames decals on the sides and giant fake bull horns on the hood' ......about it.

I wonder if they do some market testing or focus groups for coming up with these names or they just pick them out of a hat.

That’s funny, I got more of a Chinese dim sum restaurant vibe out of the name.

[Spr0ckets]

Originally Posted by Metro-One

That’s funny, I got more of a Chinese dim sum restaurant vibe out of the name.

Well, considering who the target demographic audience for the sales team will be, I get the feeling that you might be closer to correct and what they might have been aiming for.

Let's just say that some things just don't translate that smoothly.

I always used to think that the naming schemes for these high-end highrises would tend to follow the model of naming hotels where they try to hue to the themes of opulence, luxury, decadence, refinement, wealth and upper crust living.

"Metro King" just isn't it, for me.

If they really wanted something to do with royalty or in the 'King' theme, then 'The Regal' or 'The Eminence', 'The Regency' , 'Imperium, 'Majestic', would all fit the bill better without sounding so tacky.
.......granted, 'The Sovereign' is already taken and is literally next door.

But you get the idea.

[jollyburger]

Originally Posted by Spr0ckets

Well, considering who the target demographic audience for the sales team will be, I get the feeling that you might be closer to correct and what they might have been aiming for.

Let's just say that some things just don't translate that smoothly.

I always used to think that the naming schemes for these high-end highrises would tend to follow the model of naming hotels where they try to hue to the themes of opulence, luxury, decadence, refinement, wealth and upper crust living.

"Metro King" just isn't it, for me.

If they really wanted something to do with royalty or in the 'King' theme, then 'The Regal' or 'The Eminence', 'The Regency' , 'Imperium, 'Majestic', would all fit the bill better without sounding so tacky.
.......granted, 'The Sovereign' is already taken and is literally next door.

But you get the idea.

They're all tacky, that's the point.

[vanman]

Grosvenor Brentwood update from vancouvermarket.ca

[Klazu]

I appreciate the towers looking slightly different from each other but boring overall. I also don't like these mega towers with 12 tiny units on each floor.

[Vin]

Originally Posted by Klazu

I appreciate the towers looking slightly different from each other but boring overall. I also don't like these mega towers with 12 tiny units on each floor.

Many not-so-well-to-do youngsters would think otherwise. They also need a place to stay while going to school or getting their first jobs.

[officedweller]

Grosvenor Brentwood

Hopefully they don't end up that colour - brown or taupe.

VancouverMarket.ca just posted that the above heights are geodetic and the correct building heights are:

I've been alerted that the above tower heights are geodetic. The correct building heights are as follows:

- a 44-storey, 461 ft. condo tower w/453 units
- a 54-storey, 582 ft. rental tower w/574 units
- a 63-storey, 663 ft. rental tower w/500 units
- 11-storey non-market bldg

https://twitter.com/vancouvermrkt/st...ermarket.ca%2F

Also on VancouverMarket.ca twitter:

Willingdon Rose

New renderings of latest project for Metrotown, entitled 'Willingdon Rose', a rare market rental highrise.

34-storey tower & podium will feature 460 rental units including 362 market rentals,
26 CMHC median non-market units & 72 Rental Replacement non-market units.

https://twitter.com/vancouvermrkt/st...ermarket.ca%2F

https://twitter.com/vancouvermrkt/st...ermarket.ca%2F


https://twitter.com/vancouvermrkt/st...ermarket.ca%2F


https://twitter.com/vancouvermrkt/st...ermarket.ca%2F

[Metro-One]

That puts the tallest at 202m! Another 200m tower for Burnaby.

[Klazu]

Originally Posted by Metro-One

That puts the tallest at 202m! Another 200m tower for Burnaby.

There is a casual NINE skyscrapers of over 200 meters either in planning or under construction in Burnaby. Nine! Three in each of the main town centres. It's pretty wild.

[yvrTAB2]

Originally Posted by Vin

Many not-so-well-to-do youngsters would think otherwise. They also need a place to stay while going to school or getting their first jobs.

These youngsters wouldn't be able to afford to rent these units.

[Klazu]

Where exactly is the Willingdon Rose going to be? Between Modello and Standard?

[jollyburger]

Originally Posted by Klazu

Where exactly is the Willingdon Rose going to be? Between Modello and Standard?

6622 and 6688 Willingdon Avenue

https://pub-burnaby.escribemeetings....cumentId=52541

[Changing City]

Originally Posted by jollyburger

6622 and 6688 Willingdon Avenue

https://pub-burnaby.escribemeetings....cumentId=52541

Interesting that a year ago it was going to be a strata tower, and now it's going to be market rental (with non-market as well). The two taller towers in Grosvenor's scheme are proposed as rental too. It looks like strata projects might be less popular for a while, as the market adjusts to new financial realities.

[logan5]

Anybody know what the minimum sq footage is for these new rental units in Burnaby? Microunits are obviously small, but would be cheaper to rent.

[jollyburger]

Originally Posted by logan5

Anybody know what the minimum sq footage is for these new rental units in Burnaby? Microunits are obviously small, but would be cheaper to rent.

Seems like 33m2 studio are the smallest? This is for RM4 but seems the same for the other zonings.

https://www.burnaby.ca/our-city/bylaws/zoning-bylaw

(a) the use shall be included as part of a comprehensive development plan subject to
the CD (Comprehensive Development) District;
(b) each living unit shall have a minimum floor area:
(i) of 33 m2 (355.22 sq.ft.) for a studio unit;
(ii) of 41 m2 (441.4 sq.ft.) for a junior one-bedroom unit;
(iii) of 46 m2 (495.16 sq.ft.) for a one bedroom unit;
(c) the number of studio units shall not be more than 25 percent of the total number of living units in the facility; and,
(d) the number of studio units and junior one-bedroom units together shall not be more than 50 percent of the total number of living units in the facility.

https://www.burnaby.ca/sites/default...20District.pdf

[FarmerHaight]

Originally Posted by yvrTAB2

These youngsters wouldn't be able to afford to rent these units.

They'll be able to afford renting it from a landlord. I paid $1,800 per month for a $1 million apartment in Metrotown.

[Spr0ckets]

A few more images and info from Bosa's Brentwood West Conceptual master plan application and application for the first phase of the project, across the street from Amazin Brentwood.

Full document
https://pub-burnaby.escribemeetings....cumentId=60989

Brentwood West
4430, 4488 Halifax Street, 4461 Lougheed Highway,
1801, 1925, & 1967 Willingdon Avenue












Also some images from a rental midrise project at Patterson next door to the Skytrain station and overlooking Central Park's baseball and playing fields, at 5852 Patterson Ave.

(from :
https://pub-burnaby.escribemeetings....cumentId=60988)







Both projects slated for the June 28th Public hearing, alongside the Grovesnor Brentwood project and a couple of others.