Partially built Burnaby condo building under receivership sees new owner | Daily Hive

The partially-built "Siena at the Heights" condominium building at 4451 Hastings St., Burnaby. (Landa Global Properties)

A long-stalled, low-rise strata market ownership condominium project in Burnaby Heights is getting a new lease on life after local developer Landa Global Properties and partner Glenhouse Properties acquired the development site through foreclosure.

The developers purchased the troubled property at 4451 Hastings St. — located mid-block near the northwest corner of the intersection of Willingdon Avenue and Hastings Street — for $12 million.

The deal officially closed today, with some site work now underway to prepare the project for the resumption of major construction activities.

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Daily Hive Urbanized previously reported in April 2025 that the property, its partially-built structure, and design plans were up for sale through a court order due to its receivership.

This mixed-use residential and commercial project, previously known as “Siena at the Heights,” has faced years of delays and financial turmoil. After the site sat empty for years, local developer I4 Property Group launched construction in 2022, but quickly ran into excavation problems and rising costs.

By mid-2023, the project was in financial distress, leading to the termination of general contractor Kerkhof Construction. Major lender Desjardins, which had advanced over $32 million in financing, later filed a foreclosure petition in late 2024, claiming more than $14.5 million was owed.

4451 Hastings Street Burnaby I4 Property Group siena at the heights

Location of the construction site of Siena at the Heights at 4451 Hastings Street, Burnaby. (Google Maps)

Location of the construction site of Siena at the Heights at 4451 Hastings Street, Burnaby. (Goodman Commercial)

Existing condition of the partially-completed building of Siena at the Heights at 4451 Hastings Street, Burnaby. (Google Maps)

Despite the underground parking structure being partially completed, work stopped entirely, leaving the project stalled. In February 2025, Deloitte was appointed as receiver to manage the site.

Before construction halted, 28 of the 38 condominium homes and all six retail spaces had been pre-sold by I4 Property Group, leaving buyers in limbo as the project entered receivership.

Under the court-ordered purchase agreement, Landa is not taking on the original pre-sale contracts. However, previous buyers will be given priority access to secure homes in the revived project.

4451 Hastings Street Burnaby I4 Property Group siena at the heights 3

Existing condition of the partially-completed building of Siena at the Heights at 4451 Hastings Street, Burnaby. (Goodman Commercial)

The revived plans call for a five-storey, mixed-use building with 38 strata market ownership condominium homes above more than 8,700 sq. ft. of strata retail/restaurant units at street level.

Landa says it intends to follow the original design and floor plans by SUVA Architecture, but add upgraded interior finishes. This will be a wood-frame building with a European stone-look facade.

“This project is an exciting opportunity for Landa to bring our expertise in high-end boutique homes to Burnaby, while continuing to grow our presence across Metro Vancouver,” said Kevin Cheung, CEO of Landa.

“With Landa’s proven expertise in delivering homes, we are pleased to continue construction on this site and provide much-needed housing to the City of Burnaby. We remain confident in the strength and resilience of the Metro Vancouver real estate market and we are committed to building distinctive, quality homes.”

According to BC Assessment, as of July 2024, the property carries an assessed value of $12.69 million, including $9.105 million for the 17,222 sq. ft. plot of land and $3.164 million for the uncompleted structure.

Previous design: Artistic rendering of Siena at the Heights at 4451 Hastings Street, Burnaby. (SUVA Architecture/I4 Property Group)

The Burnaby Heights site is the company’s third foreclosure acquisition since January 2025.

Early this year, Landa purchased a vacant Kerrisdale site on West 41st Avenue in Vancouver, where it has submitted a brand new low-rise residential and commercial development project for municipal approval, and a partially-built Granville Street property in Vancouver that will be fully finished into 17 townhomes.

Financial backer Desjardins said it supported the Burnaby Heights project’s revival,

“As a long-time financial partner, we have seen firsthand Landa’s proficiency and commitment to delivering quality homes. We are proud to support their efforts as they continue to strengthen the housing industry by taking over and completing important projects like Siena,” said a spokesperson for Desjardins.

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