Vancouver-based developer Anthem Properties has announced that it is joining forces with Toronto-based commercial real estate investment firm Crestpoint Real Estate Investments on their planned redevelopment of a parcel of land at the corner of Kingsway and Boundary Road in Burnaby, which is home to the iconic Telus “Boot” building.
The Boot building — a 1970s office building that’s nickname comes from its unique, L-shaped profile — is set to be restored and integrated into a 6.6-acre master-plan, mixed-use community with five towers and more than 2,500 dwelling units. Those units are anticipated to be a mix of strata condominiums, market rentals, and affordable rentals.
The site is municipally known as 3777 and 3791 Kingsway and sits across from Burnaby’s Central Park on major transportation corridors, touting access to both Joyce and Patterson SkyTrain stations.
A news release from Anthem says that a rezoning application is currently awaiting the City’s review, and that the priority is the approval of Phase 1 of the redevelopment, “which includes building more than 700 market rental units in two structures over a connecting podium, supported by retail, on the south side of the site.”
Site preparation could begin as soon as this fall if approval is secured.
“Partnering with Crestpoint to capitalize on near-term demand for rental units in one of the fastest growing neighbourhoods in the Lower Mainland presents an excellent opportunity to create a sought-after, destination-based community,” said Anthem’s CEO and Founder, Eric Carlson, in the release. “This project is another example of thinking differently about how to leverage opportunities as we navigate challenging market conditions.”
Tuesday’s news comes just four months after H&R REIT announced that it had sold its 50% stake in the Kingsway property to Crestpoint for $82.5M, citing “considerable headwinds in the public and private real estate markets.” The sale closed on June 28, according to an announcement by H&R REIT.
This isn't the first time we've seen Anthem and Crestpoint join forces. At the end of July, the duo announced a joint venture to bring two high-rise towers to 1068-1090 Burnaby Street and 1318 Thurlow in Vancouver. Plans for the site were initially proposed by Vancouver-based developers Strand and Intracorp Homes.
