Are you ready for more highrises in Burnaby’s Metrotown area?
Well, more are likely on the way after a “landlmark” sale was closed this week for a huge property in the heart of Metrotown.
Mark Goodman, principal at Goodman Commercial, said a large property was sold at 6470 and 6508 Silver Ave. in the Metrotown area of Burnaby.
“This highly coveted location, across from Maywood Park, represents the opportunity for a large-scale high-density multi-family development affording drop-dead views with great amenities and access to rapid transit nearby,” Goodman said.
The subject property is 1.4 acres and zoned RM-4, with up to 368,399 square feet of density which will be potentially added to the area in a tower form over the coming years.
The list price was $50,000,000.
“This sale represents one of the first major transactions in the area since the revamping of the original Metrotown OCP and subsequent density bonus and replacement rental changes,” Goodman said. “It will bring much needed new housing, including below market rental housing, to the region with access to SkyTrain.”
The site is currently featuring two rental apartment buildings totalling 83 suites “providing good holding income during the rezoning process,” reads promotional material for the sale.
