Vancouver-based developers OpenForm Properties and Alabaster Homes are partnering on a two-tower project in the Metrotown neighbourhood of Burnaby, according to a rezoning application set to be considered by Council this week.
The subject site of the proposal is 6470 and 6508 Silver Avenue, which is located directly across the street from Maywood Park and half a block away from Metrotown Station.
Each parcel is currently occupied by an aging low-rise rental building. BC Assessment values 6470 Silver Avenue at $11,566,000 and 6508 Silver Avenue at $12,321,000, for a total assessed value of $23,887,000 dated to July 1, 2025. The properties are currently held under 5088 Investments Ltd.
OpenForm Properties — the real estate arm of OpenRoad Auto Group — acquired 6470 Silver Avenue for $22,606,249 and 6508 Silver Avenue for $22,393,751 in early-2022 in a transaction brokered by Goodman Commercial and had proposed a 33-storey condo tower and a six-storey rental building.
Since then, however, they have formed a joint venture with Alabaster Homes and revised the proposal.
6470 and 6508 Silver Avenue in Burnaby. (Goodman Commercial)
OpenForm and Alabaster are now proposing a 32-storey tower and a 28-storey tower — each inclusive of a nine-storey podium — with a total of 784 residential units.
The South Tower (6508 Silver Avenue) would be the taller of the two at 32 storeys and house 420 units split between 40 studio units, 200 one-bedroom units, 149 two-bedroom units, and 31 three-bedroom units.
The North Tower (6470 Silver Avenue) would rise 28 storeys and house 364 units split between 112 studio units, 97 one-bedroom units, 128 two-bedroom units, and 27 three-bedroom units.
Of the 784 residential units, 83 will be non-market rental units replacing the existing units on the site. The developers could pursue strata or rental for the remaining units, but City staff said in a planning report that the developers have indicated that they intend to pursue strata for the South Tower and rental for the North Tower.
Renderings of the proposal for 6470-6508 Silver Avenue from along Silver Avenue. (OpenForm Properties, Alabaster Homes, Arcadis)
The project would be constructed in two phases, with Phase One including the 28-storey North Tower and a pedestrian mews to be located between the two buildings. Phase Two would then deliver the 32-storey South Tower. The replacement rental units will be housed in the North Tower and delivered in Phase One.
The proposal does not include any commercial space, which would’ve granted the developers some additional density, but does include approximately 13,108 sq. ft of indoor amenity space as well as 561 vehicle parking spaces and 1,637 bicycle parking stalls in a three-level underground parkade.
“The site is located across the street from Maywood Park, a significant amenity in the community,” said staff in the planning report. “The proposal includes a 6 m wide pedestrian-oriented neighbourhood linkage, connecting from the rear of the lot to Silver Avenue between the two buildings, in accordance with the Metrotown Downtown Plan, linking to the park to the west.”
Renderings of the proposal for 6470-6508 Silver Avenue from along Silver Avenue. (OpenForm Properties, Alabaster Homes, Arcadis)
Under the City of Burnaby’s new height-based development framework, the base height permitted for the subject site is 30 storeys. Additional storeys are permitted through community benefit bonusing, but the developers are opting just for the base height — with height averaging between the two towers as allowed under City policy.
As part of its transportation demand management package, the developers have agreed to provide a transit subsidy of $2,850 per unit, car share credits of $1,500 per unit, five car share parking spaces on-site, and bicycle maintenance facilities.
OpenForm Properties and Alabaster Homes’ proposal is up for a first and second reading on Tuesday, June 23, along with Peterson’s three-building proposal nearby at 6645-6707 Dow Avenue.
Elsewhere in Burnaby, OpenForm Properties had previously received approval for a 40-storey tower and six-storey building at 6958-6984 Kingsway and 7243 Greenford Avenue in the Edmonds neighbourhood, which is occupied by an OpenRoad Honda dealership, but recently submitted a new rezoning application reducing the proposal to a 27-storey tower and six-storey building.
