Proposed Development in Vancouver Would Add 3,500 Homes

A proposed, pedestrian-focused development plans to become one of the largest rental housing opportunities in metropolitan Vancouver, B.C. Grosvenor’s proposal for a 7.9-acre site has been recently approved by the city of Burnaby, according to a news release.

Proposed details include:

• Sustainable mixed-use community with approximately 3,500 new homes
• The plan includes 2,450 rental homes
• A new urban, multi-story community center 
• Approximately 200,000 square feet of commercial space

Also of note is the affordable housing inventory Grosvenor is proposing. “Featuring the tallest all-rental tower in western Canada at ~60 stories, the development will deliver approximately 2,000 market rental and 450 below-market rental homes.”

“Both Metro Vancouver and the Brentwood neighbourhood have enjoyed significant growth over the last several years and we see more runway ahead,” said Brian Biggs, vice president of research for Grosvenor in North America. “Vancouver apartment rental growth has outpaced inflation, on average, since the late 1980s.”