Already with three ongoing projects in the area, Vancouver-based real estate developer Bosa Properties is now embarking on a fourth project in Burnaby's burgeoning Central Park District.
This fourth project is set for 5978 Wilson Street, located directly behind the Metrotown Place office towers that were acquired by the City of Burnaby out of receivership last year, about midway between the Metropolis at Metrotown shopping centre and Central Park.
The property is currently occupied by a 38-unit rental building constructed in 1967, according to BC Assessment, which values the property at $20,763,000. The property is currently held under 1164708 BC Ltd. and was previously the subject of a failed appeal pertaining to a $6-million foreign buyer's tax bill by the owner. One of the owners at the time was identified as the owner of development company Chunghwa Investment (Canada) Co.
Chunghwa remains an owner, but formed a joint venture with Bosa Properties last year to redevelop the site, as first reported by STOREYS. The ownership split between the partners is unknown, but both are currently listed as owners of the property under the Land Owner Transparency Registry.
The 5978 Wilson Avenue site in Burnaby. / Arcadis, Chunghwa, Bosa Properties
Bosa submitted a rezoning letter of intent last September and has since submitted a formal rezoning application with a proposal for a 40-storey tower with 327 market rental units, 53 inclusionary non-market rental units, and 38 non-market rental units to replace the 38 within the existing building.
The total 418 units will have a suite mix of 114 studio units, 152 one-bedroom units, 131 two-bedroom units, and 21 three-bedroom units. The site falls within a transit-oriented area under provincial legislation and thus there are no minimum parking requirements, but the developer is opting to provide 187 vehicle parking spaces. It will also be providing 852 bicycle parking spaces.
Bosa will also be providing a series of transportation demand management strategies, including $1,900 in transit subsidies and $500 in car share credits per unit.
Renderings of the 40-storey tower proposed for 5978 Wilson Avenue in Burnaby. / Arcadis, Chunghwa, Bosa Properties
The 40-storey tower proposed for 5978 Wilson Avenue in Burnaby. / Arcadis, Chunghwa, Bosa Properties
A particularly noteworthy aspect of Bosa Properties' proposal is that they have also made a unique "rental unit transfer proposal" to take advantage of the fact that they have several projects in the immediate area. The proposal involves the 5978 Wilson Street project, the 35-storey Broadview project at 5980 Kathleen Avenue, and the 50-storey Solhouse 6035 project at 6035 Wilson Street, each of which have their own inclusionary rental requirements and replacement rental units.
Bosa's proposal does not change the total amount of inclusionary rental units and replacement rental units, but adjusts the location of where those units will be delivered. For example, Solhouse 6035 was going to include zero market rental units, two inclusionary rental units, and 66 replacement rental units, but will now instead include 53 market rental units and 15 inclusionary rental units. The 53 market rental units are coming from the 5978 Wilson project, which will now include 53 inclusionary non-market rental units instead of zero.
Although the number adjustments may seem inconsequential, Bosa Properties told Council in a letter that the rental unit transfer proposal would "improve project economics" and also deliver the 66 replacement rental units for Solhouse over four years in advance, because the Broadview rental building was completed earlier this year and is already welcoming tenants. The proposal also helps "better balance the market and below-market homes across this portfolio of projects," said Bosa.
The Solhouse 6035 (yellow), 5978 Wilson Avenue project (green), and Broadview (blue) are all in close proximity to each other. / City of Burnaby
The 40-storey tower proposed for 5978 Wilson Avenue in Burnaby. / Arcadis, Chunghwa, Bosa Properties
Bosa also provided a version of the 5978 Wilson Avenue proposal that they would proceed with in the event that the City was not supportive of their proposed rental unit transfer proposal. However, the Planning and Development Committee discussed the proposal on July 9 and ultimately made a recommendation to Council in favour of the proposal. Council then granted a first and second reading to the project earlier this week.
According to a City planning report dated July 22, 31 of the 38 tenants have responded to inquiries by Bosa Properties. Of the 31, 21 were "generally supportive" of exercising their right of first refusal, under the City's tenant relocation policy, at Broadview, while five expressed some concerns and five didn't provided specific feedback. Bosa told the City it would continue working with tenants to address their concerns. Also notable is that demolition of the existing building appears to be imminent.
"While not typical at this stage of development, the applicant applied for a Demolition Permit in the fall of 2024 given the desire to issue a Four Month Notice to end tenancy and relocate tenants at the start of 2025," said City staff in the planning report. "This was done given the poor condition of the existing building, and the desire to relocate tenants prior to the coldest months of the year. Prior to the issuance of the Demolition Permit, a Section 219 TAP Covenant was registered on title to the subject site to ensure the applicant complies with TAP, and the applicant also provided financial security to secure its TAP obligations. Demolition of the existing structure is anticipated to commence this summer once crews are available."
