Partially built Burnaby condo building project under court-ordered sale | Daily Hive

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

A long-standing construction site on Hastings Street in Burnaby — featuring a partially completed foundation and underground parkade for a planned condominium building — is now up for sale through a court order due to its receivership.

On behalf of Deloitte, real estate firm Goodman Commercial has listed the property at 4451 Hastings St. for sale, seeking a new owner to complete a construction project that has not reached street level and is essentially a hole in the ground.

The property is located mid-block near the northwest corner of the intersection of Hastings Street and Willingdon Avenue in the Burnaby Heights neighbourhood, just across from the Safeway grocery store.

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In 2022, after the site was left vacant for many years, local developer I4 Property Group began construction on a new five-storey, mixed-use condominium building named “Siena at the Heights.”

Desjardins Financial Security Life Assurance filed a petition against the ownership and contractors in November 2024, noting that it was owed $14.55 million, plus interest, in accordance with the mortgage.

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)

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

According to a court filing by the developer in December 2024 in response to the petition, it took almost four years to obtain both a development permit and an excavation permit.

Shortly after, the developer contracted Kerkhof Construction on a fixed-price contract in 2022, and construction began soon after. However, later that same year, the general contractor encountered difficulties with excavation, and by June 2023, the project was facing financial challenges.

In September 2023, it was determined that Kerkhof would not be able to continue construction. The company was issued a notice of default and formally terminated, still owing payments to its subcontractors.

“The difficulties with Kerkhof 2022 not only caused massive delay with the project, it resulted in a number of liens being filed against the project, and it required an entire reconsideration of the project and its budget,” reads the filing, noting that the budget had increased to $48.85 million.

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)

Among the largest construction financing backers, Desjardins provided an initial construction loan of $29.2 million, which was later topped up by a $3.477 million loan increase, while the Travelers Insurance Company of Canada, which insured the pre-sale depots, provided $5.45 million.

“The excavation and construction of the two levels of parking is complete. The project has been halted, but it is not suffering any damage or waste,” reads the response to the petition, asserting that while construction has been stopped, it can “very easily be recommenced.”

However, the developer warned that “the cost and borrowings of a receiver to finish the project will be very substantial, and a sale of the project in its present condition is not likely to even discharge the mortgage in favour of the Petitioner.”

Deloitte was appointed by the court as the receiver and manager in February 2025.

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

According to Goodman, 28 of the 38 strata market ownership condominium homes and all six commercial units have pre-sale contracts in place.

Altogether, the design of this 52,800 sq. ft. wood-frame building generates 15 one-bedroom units and 23 two-bedroom units, and the retail/restaurant units on the ground level total over 8,400 sq. ft. of commercial space. Two underground levels provide 71 vehicle parking stalls. SUVA Architecture is the project’s design firm.

“All permits are in place, municipal fees have been paid, excavation and shoring are completed and the parkade structure has been started,” notes the listing.

Goodman has listed the property for $16 million.

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.

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