- What Anthem and Crestpoint have partnered for a redevelopment project in Burnaby
- Why Plans call for five new residential towers
- What next A zoning application is underway
Anthem Properties and Crestpoint Real Estate Investments have joined forces to develop a 6.6-acre mixed-use project in Burnaby, B.C.
Plans call for the restoration of the 678,000 sq ft Boot building, at the corner of Kingsway and Boundary Road, and the construction of five residential towers with 2,500 residential units, including strata condominiums as well as market-rate and affordable rental homes. The development will also include retail space.
The site is across from Burnaby’s Central Park, on major transportation corridors and close to the Joyce-Collingwood and Patterson SkyTrain stations.
A rezoning application for the entire site is underway. Pending the outcome of that process, the partners plan to start site preparation for the first phase in the fall. That project is slated to include more than 700 market rental units in two structures connected by a podium.
In June, Crestpoint acquired the remaining 50% stake in the property from H&R REIT for $82.5m. Crestpoint acquired the initial 50% stake in 2014 for $86.5m, according to RENX.
Anthem and Crestpoint also have teamed up on the development of a 32-storey tower at 1318 Thurlow Street in Vancouver. At completion, that project will comprise 300 apartments.
