The owners and developers of Contour Metrotown, a "boutique" condo tower project in the Metrotown neighbourhood of Burnaby that has yet to commence construction, are looking to move on from the entire project, STOREYS has learned.
The development site -- 6677 Silver Avenue (formerly 4330 Maywood Street) -- was recently listed for sale by Goodman Commercial, with an asking price of $19.8M. The listing does not name the vendor, but the project website and various pre-sale websites list Kirpal Group and SVM Homes as the developers.
Reached for comment, Kirpal Group's Development Manager Saahil Kirpal confirmed to STOREYS that the project has been put up for sale and cited "market conditions" as the reason for the decision, which he says was made collectively by the partners.
Kirpal described the company's involvement in the Contour Metrotown project as "a silent partner," a party that typically only provides capital and is not involved in operations. However, Kirpal Group -- as Kirpal Properties -- is also the party who submitted the rezoning letter of intent and rezoning application with the City of Burnaby.
Asked who the general partner is, Kirpal pointed to SVM Homes, and named Madeira Manor Ltd. as the property's owner.
The site is currently occupied by a three-storey residential building originally constructed in 1966, according to BC Assessment. A Google Maps image dated April 2023 shows two signs on the property with the name of the building. One calls it "The Madeira" while the other simply reads "Madeira."
In a May 19 article, the Burnaby Now reported that the City of Burnaby found the developers of the property failed to meet their obligations pertaining to the City's Tenant Assistance Policy and that the City had taken over subsidizing the rents of 11 tenants who were evicted last summer, using a bond previously posted by the developer.
A City spokesperson said the developer told the City that it would be unable to pay rent top-ups and that the City was advised that the project would not be proceeding and the property would be sold.
Saahil Kirpal told the Now that the City's statement was false and that they were still going forward with the project.
However, the property was listed shortly afterwards, if not immediately.
A development site in the Metrotown area with an undisclosed address was listed by Goodman Commercial as early as May 31, according to a public listing email from Goodman Commercial received by STOREYS on that date. The listing for 6677 Silver Avenue then appeared on July 5. Goodman Commercial has confirmed that the two listings are for the same property, and has since taken down the first listing.
A rendering of the project at the intersection of Silver Avenue and Maywood Street. (GBL Architects)
The property has garnered an unusually high level of interest, according to Goodman Commercial's Mark Goodman, much of which can be primarily attributed to the fact that rezoning for the site has already been enacted, the demolition permit has already been issued, and the building permit is available for pick-up upon fee payment, as the listing notes.
The listing also notes that the sales centre for the project has already been built. Kirpal Group's website lists the project as "now selling," but Saahil Kirpal tells STOREYS that sales had not launched.
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With all this in place, the buyer who takes over the project would save a significant amount of money and time, unless the new buyer wants to start over or make significant changes to the existing plans, which were prepared by GBL Architects and allow for 91 strata condominiums, 29 rental units (replacing those lost from the redevelopment), and five levels of underground parking.
The location is also undoubtedly a draw for developers. Projects nearby include The Standard by Anthem Properties, O2 Metrotown by Keltic Development, Willingdon Rose by IDS Group, and a yet-to-be-named three-building project by Peterson Group.
Kirpal Properties
According to the City of Burnaby, Kirpal Group -- as Kirpal Properties Ltd. -- has two ongoing rezoning applications with the City, but the statuses of both are unclear.
The first is for a site consisting of 6540 and 6592 Telford Avenue, less than one block away from the Contour Metrotown site.
BC Assessment records show that 6540 Telford Avenue sold for $35M in August 2021. Kirpal Group's rezoning letter of intent to the City of Burnaby is dated October 2021. One year later, in October 2020, 6540 Telford was listed by real estate brokerage NAI Commercial and sold for $28M. Around the same time, 6592 Telford Avenue was sold for $7M.
The project has not progressed since December 2021 when Council received an initial report detailing the application, which may suggest that Kirpal Group was the buyer in August 2021 and the seller in October 2022. Saahil Kirpal, however, says they are still moving forward with the Telford project. Kirpal Group's website lists the Telford project -- a 30-storey condo tower and six-storey tower, with retail and daycare space -- as "coming soon."
Kirpal Properties' other rezoning application is for a site that consists of 4214, 4234, 4250 Maywood Street and 6562, 6588 Willingdon Avenue.
According to BC Assessment, 6588 Willingdon was sold for $3.9M in March 2020, but BC Assessment records do not show any sales for the other parcels. Kirpal Properties' rezoning letter of intent for the site is dated June 2022, and the three Maywood properties were recently listed by NAI Commercial and have sold, pending closing, suggesting that Kirpal Group may be in the process of assembling the land for the project and moving forward.
