[Burnaby] Brentwood Block | 6 towers | 43-65fl | U/C

[Lexus]

2025, Apr 20

Untitled by Lexus LX, on Flickr

[griswold]

This excavation is huge

[jollyburger]

They just had an announcement last week for the start of construction.

But there are reasons Grosvenor is feeling hopeful enough to proceed: When it launched sales for the condo tower last fall, it sold 100 units in 30 days; the project involves a mix of uses and isn’t only focused on residential condos; and the company has access to capital.

Grosvenor is proceeding while other projects have stalled because they didn’t sell a certain percentage of presale contracts and, therefore, were unable to qualify for construction financing.

He said Grosvenor launched sales of presale units in the 41-storey Brentwood Block residential strata tower in the fall of 2024 and to date, has sold about 135 units — or 30 per cent — of the building’s 451 units.

This year, economic uncertainty has slowed sales, but the impact is “likely more short-term in nature,” he said.

https://vancouversun.com/news/at-a-t...urnaby-project

Brentwood Block is designed to eventually hold six towers and approximately 3,500 condo and rental homes. A highlight of the development is an all-rental tower expected to be the tallest of its kind in Western Canada at over 60 storeys.

Other features at Brentwood Block include 50,000 square feet of green space, a 44,000-square-foot grocery store and other retail stores next to the SkyTrain Station. It is intended as a pedestrian-only development.

The first phase will include 1,730 homes, including 1,279 rental units and 204 below market homes, Josephson said.

A challenge for Grosvenor will be to develop and curate a mix of dining and retail businesses that can differentiate Brentwood Block from its neighbour The Amazing Brentwood, drawing-in customers and residents amid plenty of local competition. Josephson said the entire neighbourhood has emerged as a "compelling and interesting and desirable place to live and visit."

He said the retail mix is a big part of that.

"We see ourselves as having a major role in completing the community, in tying the important parts together,” he said, calling Brentwood Block an entirely car-free environment.

The dining and shopping area will be multi-tiered and "very green" with a unique ambiance, Josephson said, declining to mention any brands, shops or restaurants in particular. "Soon, but not at this time,” he said.

The first buildings, including the condo and rental towers, the community centre and the retail space, are scheduled to complete in stages between 2029 and 2030.

https://www.renx.ca/grosvenor-starts...ock-in-burnaby

[madog222]

One crane is up (at the red base in griswold's picture) and excavation looks complete at that SW corner.

[jollyburger]

Originally Posted by madog222

One crane is up (at the red base in griswold's picture) and excavation looks complete at that SW corner.

Drone footage of it going up

https://www.instagram.com/p/DN3S4qp2AMa/

[Lexus]

2025, Oct 9

There are 2 cranes now. I also just noticed there is a 3rd base for another crane!!!

Untitled by Lexus LX 700, on Flickr

Untitled by Lexus LX 700, on Flickr

Untitled by Lexus LX 700, on Flickr

[Newcastle Kid]

Grosvenor has secured a massive federal loan to help fund the development:

Feds loan developer $763M to build almost 1,300 rentals in Burnaby, B.C.

A $763-million loan from the federal government will see close to 1,300 rental homes built in Burnaby, B.C.

Development company Grosvenor said in a statement that the funds, provided through the Apartment Construction Loan Program (ACLP), will finance the construction of 1,279 rental homes at the Brentwood Block development on Lougheed Highway, between Alpha and Beta avenues.

The company said the project will feature Western Canada’s tallest all-rental tower, along with condos, retail space and a City of Burnaby community centre.

[whatnext]

Originally Posted by Newcastle Kid

Grosvenor has secured a massive federal loan to help fund the development:

Feds loan developer $763M to build almost 1,300 rentals in Burnaby, B.C.

So, a company controlled by the Duke of Westminster, one of the UK's richest men, is getting over $760 million of Canadian taxpayers' money? Nice work if you can get it.

[mcj]

Originally Posted by whatnext

So, a company controlled by the Duke of Westminster, one of the UK's richest men, is getting over $760 million of Canadian taxpayers' money? Nice work if you can get it.

It's low cost financing from the CMHC, not something taxpayers are directly paying for.

[WarrenC12]

Originally Posted by whatnext

So, a company controlled by the Duke of Westminster, one of the UK's richest men, is getting over $760 million of Canadian taxpayers' money? Nice work if you can get it.

Did you even read the bold underlined sentence you quoted?

[Spr0ckets]

Originally Posted by whatnext

So, a company controlled by the Duke of Westminster, one of the UK's richest men, is getting over $760 million of Canadian taxpayers' money? Nice work if you can get it.

I'd imagine there's probably a nice healthy interest on that LOAN that'll ensure the taxpayer makes a nice chunk of change when the loan is paid back.

Do you have something against the Canadian taxpayer making some money from a good deal while also getting much needed housing while at it?

[whatnext]

Originally Posted by Spr0ckets

I'd imagine there's probably a nice healthy interest on that LOAN that'll ensure the taxpayer makes a nice chunk of change when the loan is paid back.

Do you have something against the Canadian taxpayer making some money from a good deal while also getting much needed housing while at it?

If the Feds have $764 million I'd rather they use it to directly build housing on federal lands and then have them, or another level of government, operate it as true affordable housing in perpetuity. Dribs and drabs to private developers aren't the solution.

[Spr0ckets]

Originally Posted by whatnext

If the Feds have $764 million I'd rather they use it to directly build housing on federal lands and then have them, or another level of government, operate it as true affordable housing in perpetuity. Dribs and drabs to private developers aren't the solution.

This isn't Federal land, though.
This is private land.

And it was either this or remain a car dealership.

And I doubt that many people on either side of the aisle will be too thrilled if the Federal government starts getting into the business of developing housing or property.
Maybe to a limited degree and in partnership with private developers or suited entities with experience in the field.

And they're not "giving" the money to the private developers.
They're loaning it to them.
You understand that that means the taxpayer will get that money back, right?
- alongside the housing that's being developed that they'll also benefit from.

How exactly is this a bad thing?

Do you have any suggestions of Federal lands in the metro area that you'd love to see such a policy enacted on and developed by the Feds (...or others) into affordable housing?

Bear in mind that what you're suggesting (i.e. that they build and operate affordable housing on their land versus loan to a private developer that could do a mix of both affordable (per municipality requirement) and market housing) is what would actually cost and lose the taxpayer money as a sunken cost.

In this kind of arrangement - in theory - that cost is absorbed by the market component profit that the developer gets, while the taxpayer (through the Feds, Province or Municipality) doesn't take the hit and gets back some money to potentially seed more housing development elsewhere.

[Changing City]

Originally Posted by whatnext

If the Feds have $764 million I'd rather they use it to directly build housing on federal lands and then have them, or another level of government, operate it as true affordable housing in perpetuity. Dribs and drabs to private developers aren't the solution.

The Feds don't have $764 million . They issue bonds to raise funds, for example, they currently pay 2.64% on a five year government bond. Then they loan Grosvenor the money at a low interest rate, say around 4.5%. That would be less than a commercial construction mortgage, and guarantees the project should be built.

[jollyburger]

The $55 billion Apartment Construction Loan Program (ACLP) is providing low-cost financing to support more than 131,000 new rental homes across Canada by 2031 – 2032.

The ACLP provides a stable supply of purpose-built rental housing is essential for more people in Canada to have access to housing that meets their needs.
As of June 2025, CMHC has committed $24.9 billion in loans through ACLP to support the creation of more than 63,500 rental homes.

It is one of many programs and initiatives under the National Housing Strategy designed to help address housing needs across the housing continuum.

It complements other NHS initiatives that focus on funding affordable housing units for lower-income households.

Budget 2024 announced enhancements to the ACLP which includes the program being extended from 2027 – 2028 to 2031 – 2032. The enhancements will allow applicants to apply for funding for on- and off-campus student housing to support post-secondary educational institutions as well as independent seniors housing. There are no longer minimum requirements relating to energy efficiency and accessibility, instead applicants will benefit from making stronger commitments to desired rental supply and social outcomes.

Funding provided for Brentwood development is as follows:
$763.1 million from the federal government, through the National Housing Strategy’s Apartment Construction Loan Program
$283.4 million from Grosvenor and its partners in land and cash equity

https://www.cmhc-schl.gc.ca/media-ne...-units-burnaby

[whatnext]

Originally Posted by Spr0ckets

This isn't Federal land, though.
This is private land.

And it was either this or remain a car dealership.

And I doubt that many people on either side of the aisle will be too thrilled if the Federal government starts getting into the business of developing housing or property.
Maybe to a limited degree and in partnership with private developers or suited entities with experience in the field.

And they're not "giving" the money to the private developers.
They're loaning it to them.
You understand that that means the taxpayer will get that money back, right?
- alongside the housing that's being developed that they'll also benefit from.

How exactly is this a bad thing?

Do you have any suggestions of Federal lands in the metro area that you'd love to see such a policy enacted on and developed by the Feds (...or others) into affordable housing?

Bear in mind that what you're suggesting (i.e. that they build and operate affordable housing on their land versus loan to a private developer that could do a mix of both affordable (per municipality requirement) and market housing) is what would actually cost and lose the taxpayer money as a sunken cost.

In this kind of arrangement - in theory - that cost is absorbed by the market component profit that the developer gets, while the taxpayer (through the Feds, Province or Municipality) doesn't take the hit and gets back some money to potentially seed more housing development elsewhere.

Then let it remain a car lot until a developer can come along and finance it through the market. If the government is stumping up money, even through a loan they should end up with the asset. Hugh Grosvenor, the Duke of Westminster should have access to plenty of bankers. What’s next, a begging bowl out for the funds to help fund development of Mayfair West near Oakridge?

[s211]

Originally Posted by whatnext

If the government is stumping up money, even through a loan they should end up with the asset.

Oh lawd...

[Spr0ckets]

Originally Posted by whatnext

..... If the government is stumping up money, even through a loan they should end up with the asset. Hugh Grosvenor, the Duke of Westminster should have access to plenty of bankers. What’s next, a begging bowl out for the funds to help fund development of Mayfair West near Oakridge?

*sigh*

But that's not.......how .....loans ....work.

Does your bank end up owning your car after you've paid back the car loan,...... or your house after you've paid off your mortgage?

What are we even doing here?

So you're more upset at the fact that the person or entity receiving the loan is wealthy and shouldn't be getting it from the government, over the notion that the loan is not only likely to be repaid in full, but also the likelihood that the outcome is also likely to be a win-win for everyone involved and not least of all, the taxpayer and people who will get housing?

(not to mention the city and neighbourhood getting a badly needed community and rec center, as well)

[GMD]

Originally Posted by jollyburger

https://www.cmhc-schl.gc.ca/media-ne...-units-burnaby

It is good that Metro Van is getting some share of this Federal program support and it isn't all being allocated to projects in Ontario...

[Lexus]

2025, Oct 27

Untitled by Lexus LX 700, on Flickr