[Editor's Note: This article was updated on February 5 to note that the proposal no longer includes a shared podium as described in the City report.]
Just under two years after making the high-profile acquisition, Vancouver-based real estate developer Keltic Development has unveiled its redevelopment plans for the REVS Bowling site in Burnaby.
The 4.3-acre site is located at 5502 Lougheed Highway, steps away from the Millennium Line SkyTrain's Holdom Station in the Brentwood neighbourhood and directly east of Boffo Development's Bassano master-planned community.
The site has been home to REVS Bowling (formerly known as Brentwood Lanes) since the early 1960s and grew to become a popular entertainment and recreation destination for residents of Burnaby and beyond.
Keltic Development acquired the site for $94,000,000 in September 2022, in a deal that was completed in April 2023 and brokered by Chris Midmore, James Lee, and Carl Chen of Macdonald Commercial.
BC Assessment currently values 5502 Lougheed Highway at $83,159,000 — dated to July 1, 2024 and a decrease from the previous valuation of $99,134,000 — and the property is beneficially owned under 1319194 BC Ltd.
The 5502 Lougheed Highway site in Burnaby, next to Holdom Station. / Chris Dikeakos Architects, James KM Cheng Architects, Keltic Development
For the site, Keltic Development has now proposed 1,667 residential units across three high-rise towers. The towers were previously planned to sit atop a shared five-storey podium, as described in a City planning report, but is now proceeding without the podium, according to Keltic Development.
Tower One would consist of a 60-storey high-rise with 620 strata units comprised of 75 studio units, 324 one-bedroom units, 162 two-bedroom units, and 59 three-bedroom units.
Tower Two would then consist of a 54-storey high-rise with 570 strata units comprised of 120 studio units, 238 one-bedroom units, 159 two-bedroom units, and 53 three-bedroom units.
Finally, Tower Three would then consist of a 46-storey high-rise with 477 rental units comprised of 54 studio units, 225 one-bedroom units, 153 two-bedroom units, and 45 three-bedroom units. Of the 477 total rental units, 242 units will be provided as market rental units while the remaining 235 units will be provided at rents that are 20% below CMHC median rates.
In terms of parking, the three towers would share a single underground parkade that would house a total of 1,240 vehicle parking stalls and 3,676 bicycle parking spaces.
Tower Three (left), Tower One (centre), and Tower Two (back). / Chris Dikeakos Architects, James KM Cheng Architects, Keltic Development
Despite the tower numbers, construction would start off with Tower Two and Tower Three — located on the eastern portion of the site — in Phase One, before concluding with Tower One in Phase Two, which will also include a standalone two-storey amenity building that completes the western half of the site.
As part of the project's proposed transportation demand management (TDM) strategy, the developer will also be providing a transit pass subsidy equal to $2,850 per unit, car share credits of up $1,500 per unit, 10 car share parking spaces on-site, as well as bicycle repair and maintenance stations.
Running along the west side of the site is Beecher Creek and Keltic's proposal includes a plan to relocate a portion of Beecher Creek, which would improve circulation for the fish habitat.
According to a City planning report, Keltic Development's proposal includes a density bonus that provides an additional 299,000 sq. ft of gross floor area (1.60 FAR). Staff will continue to work with Keltic Development to discuss the density bonus value, which would go towards the Community Benefit Bonus Reserve and Community Benefit Bonus Affordable Housing Reserve.
The proposal by Keltic Development, who is also currently constructing the 30-storey O2 Metrotown tower near Metrotown Station, is up for a first and second reading on February 25.
