Metrotown BP-ready tower site

Overview

This project is ready to build! A unique opportunity to purchase a 19,829 SF (0.46 acres) BP-ready mixed-use high-rise development site in Burnaby’s highly coveted Metrotown neighbourhood. Rezoning has been enacted; a demolition permit issued; and the building permit is ready for pick up upon fee payment. The site is fenced off awaiting demolition.

A fully built-out commercial space has been secured nearby for a sales centre with an assumable lease in place. Take advantage of time efficiencies and cost savings! A significant amount of time and money has already been spent on design, entitlements, tenant relocation, marketing and a sales centre.

The approved project will comprise a boutique 24-storey tower with 91 market strata units, 29 secured rental units, and 11,924 SF of commercial space above 5 levels of underground parking. Strata units are to be located on floors 6 through 24 and feature a well-balanced unit mix of 33 one-bedrooms, 40 two-bedrooms and 18 three-bedrooms. Rental units are to be located in a separate air space parcel on levels 3 through 5; rental rates for 27 units are to be set at 20% below CMHC median or pre-development rents for returning tenants, while 1 unit is to be set at CMHC median, and 1 is to be at market rent. Commercial space comprises 4,735 SF of retail on the ground floor and 6,784 SF of office space on the second floor.

The efficient corner site is generally level and offers 142 feet of frontage on Silver Avenue and 134 feet on Maywood Street, along with rear lane access. The property is located just steps from Maywood Park and is within 350 metres of Metrotown Station.

Available reports & documents

• BP submission drawings
• City fees & deposits
• Demolition & tree removal permits
• Renderings
• Environmental reports
• Geotechnical report
• Ground water assessment report

Investment Highlights

• Situated on a quiet street on the southwest corner of Maywood Street and Silver Avenue;
• Only 8 minutes walking distance to Metropolis at Metrotown and the Skytrain providing easy access to rapid transit and some of the best shopping in British Columbia;
• Site size of 19,829 SF / 0.45 acres with 142 feet of frontage on Silver Avenue and 134 feet on Maywood Street
• Proposed project is a 24-storey mixed-use tower site totalling 123,926 SF / 6.25 FSR
• Rezoning is enacted and building permit ready for pickup
• Tenant relocation plan executed and the site is fenced off and ready for demolition
• Sales centre location is secured and built out, with a lease that can be taken over by the buyer

Density Summary

• Site area: 19,829 SF
• Density: 6.25 FSR
• FSR area: 123,926 SF
• Gross buildable area: 132,305 SF
• Saleable area: 102,844 SF

Proposed suite mix