The seemingly never ending saga of the Metrotown Place towers reaches some sort of interim resolution as the City of Burnaby will become the new landlords/owners.
Source:-
https://storeys.com/slate-metrotown-...rship-burnaby/
City Of Burnaby Pays $65M For Metrotown Place Office Towers Under Receivership
Quote:
"The City of Burnaby has agreed to acquire the Metrotown Place office towers in Burnaby, according to court filings in the Supreme Court of British Columbia, bringing a receivership proceeding that began just four months ago to a quick and tidy conclusion.
The Metrotown Place property consists of the 19-storey Tower I at 4330 Kingsway and the 10-storey Tower III at 5945 Kathleen Avenue, located along Kingsway between Kathleen Avenue and Wilson Avenue, in the Metrotown neighbourhood of Burnaby.
The property was previously owned by Toronto-based Slate Asset Management — founded by UBC alum Blair Welch and his brother Brady Welch in 2005 — under SCREO I Metrotown Inc.
The two office buildings, which are adjacent to a two-storey commercial building at the intersection of Kingsway and Kathleen Avenue that was not included in the receivership proceeding, were originally constructed in 1983 and were unofficially known as the "Golden Towers" due to the building's unique golden sheen.
For the site, Slate Asset Management was planning on converting the property into a new strata office complex called Capital Point Metrotown, before the project was cancelled, as first reported by STOREYS in May 2023. The property has been vacant since Slate commenced with the project and marketing material for the Capital Point project was still present on the site as recently as this July despite the cancellation...."
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They bought the tower towers and the land they sit on for some $22 Million less than assessed market value, so ostensibly (depending on what they do with it), it seems like a deal for Burnabians(?)
As to what they plan to, or might do with the site...
Quote:
"The City regularly uses its Corporate & Tax Sale Land Reserve Fund to make acquisitions that meet various short and long-term community objectives," said Manager of Public Affairs Chris Bryan. "City staff will prepare a report for City Council outlining potential uses for the new property."
Time will tell what the City plans to do with the property, but Metrotown Place has a history with governments, as it was formerly home to the Metro Vancouver Regional District before it relocated to the nearby Metrotower III, after it concluded that the Metrotown Place property was nearing the end of its life and would be too costly to renovate. The City of Burnaby is currently in the process of launching its municipal housing corporation, the Burnaby Housing Authority, and has said that it will be leasing office space outside of City Hall, although, at 350,000 sq. ft, the Metrotown Place complex is significantly larger than the 3,000 sq. ft the City says it needs."
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Sooo,........
....just spitballin' here,.......so hear me out.......
....about that new City Hall they were planning on building/renovating at Deer Lake.......
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