The City of Burnaby has received a rezoning application for a new high-rise tower, and it's one that would take the title as the tallest tower in the Metrotown neighbourhood if approved and constructed.
The proposal is being made by McCarthy Properties and is set for 6446 Nelson Avenue, 6450 Nelson Avenue, 4900 Kingsway, and a portion of 4940 Kingsway, which BC Assessment values at $5,335,000, $6,799,600, $12,598,000, and $122,505,000, for a total valuation of $147,237,600.
Those properties make up the entire block bound by Kingsway on the north, Marlborough Avenue on the east, Bennett Street on the south, and Nelson Avenue on the west, and are occupied by several commercial buildings that collectively form Kingsway Plaza. All of the properties are owned by McCarthy Properties under 5000 Kingsway Ltd.
McCarthy's proposal affects the commercial building at the southeast corner of Nelson Avenue and Kingsway, the office building directly south of it and its surface parking lot, and the large commercial property currently occupied by London Drugs, Tala Florist, Gold N Gems, and the office of NDP Leader Jagmeet Singh. It does not include the medical office building at 4980 Kingsway and the buildings on the eastern side of the parking lot.
Directly west of the subject site, Concord Pacific is currently constructing its multi-tower Concord Metrotown project — the tallest of which will reach 65 storeys — on what was formerly a surface parking lot for the Metropolis at Metrotown shopping centre. One block further west, Anthem Properties is currently constructing its 66-storey Citizen tower. McCarthy Plaza's 72-storey tower would surpass both, although it will not surpass the Pinnacle Lougheed towers.
Kingsway Plaza and the subject site of the 72-storey proposal. / DIALOG, McCarthy Properties
For the site, McCarthy Properties is proposing a 72-storey tower at the corner of Nelson Avenue and Kingsway that would reach a height of 258.4 m / 847.8 ft and provide a total of 469 residential units, split between 169 strata units at the top of the tower, 170 market rental units below, and 130 non-market rental units below that, all of which would sit atop a 12-storey commercial podium.
The total 469 units would be comprised of 38 studio units, 196 one-bedroom units, 173 two-bedroom units, and 62 three-bedroom units, and the residential component would have a unique diamond-shaped floorplate. A total of 938 vehicle parking stalls and 1,264 bicycle parking stalls are then expected to be provided in a seven-level underground parkade.
According to a City rezoning report, the 130 non-market rental units proposed goes beyond what is required under City policy. The amount of proposed non-market units exceeds the minimum requirement under the City's inclusionary rental policy and the City notes that McCarthy Properties is also exploring providing units at rates that are 20% below CMHC median rates, rather than just at CMHC median rates.
Notably, the 12-storey stepped building podium will extend along Kingsway, continue down a new lane called McCarthy Way, and include a substantial amount of amenity space. In addition to the usual assortment of residential amenities, a bowling alley and a regulation-size basketball court are expected. The building podium is also expected to house office space, a grocery store, additional retail space, and an art gallery. The very top of the tower would also house an observation deck open to the public.
View of the public plaza from along Nelson Avenue (left) and the podium from along McCarthy Way (right). / DIALOG, McCarthy Properties
View of the building podium from McCarthy Way (left) and from along Kingsway (right). / DIALOG, McCarthy Properties
McCarthy Properties
Originally founded by John Jambor and now led by his grandson William P. J. McCarthy and William's son John McCarthy, WPJ McCarthy and Company have owned the land since the late 1950s before then developing the site into Kingsway Plaza across the ensuing decades (except for the building at the corner of Nelson Avenue and Kingsway, which they purchased).
The family and company has extensive roots in Burnaby and its offices are located within 4980 Kingsway, the medical office building at the corner of Nelson Avenue and Bennett Street that counts LifeLabs as a tenant (but is not part of the aforementioned redevelopment plan.)
During a visit to their offices this week, William and John McCarthy described themselves to STOREYS as a "low-key" developer that quietly goes about its business and has decades-long relationships with its tenants. To date, the McCarthy family is perhaps better known for its philanthropy. Among other past donations, the McCarthy family donated $5 million last year to the BC Cancer Foundation that will go towards Burnaby General Hospital's new cancer centre, which will be named the BC Cancer – Burnaby McCarthy Centre.
A rendering of the 72-storey proposed for Kingsway and Nelson Avenue in Burnaby. / DIALOG, McCarthy Properties
A rendering of the 72-storey proposed for Kingsway and Nelson Avenue in Burnaby. / DIALOG, McCarthy Properties
The company's profile will likely now also be raised by the McCarthy Plaza project, which William and John say will be a "legacy project." They envision the 72-storey tower, which will likely have its own name in the future while McCarthy Plaza serves as the name for the full complex, as a "gateway" into the Metrotown neighbourhood, along with Concord Pacific's towers. They are particularly proud of the inclusion of an art gallery, as the family is an avid collector of Indigenous art. A tour of its offices showed that it had more Indigenous art than the walls and shelves could display.
The company is currently in the process of rebranding as McCarthy Properties, and the company had previously submitted a master plan rezoning application to the City in 2022 that would see the entire Kingsway Plaza site redeveloped into three towers. That plan has not been scrapped, but the McCarthys say they are entirely focused on this first tower and that any future phases are not expected for decades.
The project represents the first redevelopment project for the company, and when they move forward with the project after receiving approval will in part be determined by market conditions, the company says. Serving as the architect of the project is DIALOG, whose design of the building takes inspiration from New York's landmark 30 Rockefeller Plaza and art deco architectural expression.
Aside from 5000 Kingsway Plaza, McCarthy Properties also owns the office building on the other side of Nelson Avenue, 6411 Nelson Avenue, plus 4735 Kingsway and 4705 Kingsway, among many other properties in the immediate area. Last year, they also acquired the Chevron gas station at 5009 Kingsway, across the street from London Drugs, and also owns the surface parking lot at 5000 Newton Street located behind the gas station.
All of this is to say that the company not only has its roots in this particular area of Metrotown, but are also here for the long haul. The rezoning application for McCarthy Plaza is up for a first and second reading at the council meeting on January 28.
