Anthem Properties Group and KingSett Capital announced they have jointly acquired an 8.34-acre mixed-use site at Willingdon Ave and Dawson Street in Burnaby, BC.
Located in the active Brentwood Town Centre, one of the fastest growing, transit-oriented nodes of Metro Vancouver, the site will be redeveloped into a mixed-use, master-planned community in alignment with the City of Burnaby’s Official Community Plan. Rezoning for the entire property is close to final approval and phase one sales are anticipated to commence in late 2022.
Future plans for the site include 2,100 market condominiums, 340 rental units, and 60,000 square feet of new retail and office space across five residential towers and two woodframe mid-rise affordable rental buildings.
Viewed as a major green node, construction will be phased around a one-acre park that will serve as both a Town Centre destination and a key linkage between Brentwood Town Centre SkyTrain Station and the Urban Trail, connecting east to the future Woodlands Park and south towards B.C.I.T.
“With this acquisition, we are thrilled to be able to build upon Anthem’s long history of developing large-scale mixed-use projects in the City of Burnaby,” said Eric Carlson, CEO of Anthem. “In a supply-constrained region undergoing population growth, the project will create a significant amount of housing supply aiming to address the market’s needs at multiple levels.”
This will be Anthem’s second development within the Brentwood Town Centre plan, following their completion of Tandem in 2007, a three-tower mixed-use community. More recently, Anthem completed sales and construction on Station Square’s five residential towers in Metrotown. Since it was founded in 1991, the group has developed more than 60 communities across 7,400 acres of land in Alberta, British Columbia and California.
KingSett is Canada’s leading private equity real estate investment firm with $17 billion of assets under management. KingSett continues to seek opportunities to invest in a wide range of real estate properties, developments, joint ventures, and mortgage lending.
More information on the Burnaby project is available here: Anthem and KingSett Acquire an 8.34 Acre Mixed-Use Site in (globenewswire.com)
