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Metrotown Development Site

Burnaby

High-density residential site
~1 acre

SOLD $33,000,000

Overview

The subject property is a ~1-acre redevelopment site located in Burnaby’s popular Maywood neighbourhood, only a 5 minute walk to Metrotown Shopping Centre. 

Improved with a three-storey rental apartment building featuring secure underground parking, bike storage and balconies. The area is well serviced by public transit with both bus and SkyTrain stations nearby. 

Under the draft Metrotown OCP, the site has been outlined as RM-5s (high-density residential) which, if approved, provides a base density of 3.4 FSR and a bonus density of 1.6 FSR to be purchased from the City.  Therefore, the total density of 5 FSR would equate to 196,375 sq. ft. buildable. 

Summary

PriceTBA
Lot Size~1 acre
ZoningRM-5s (Draft Metrotown OCP)
Floor Space Ratio3.4 plus 1.6 from City (5 FSR total)
Sale Price$33,000,000
Sale Date04/20/2017

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