Change of ownership in Metrotown area condo and rental tower project

Artistic rendering of 6556-6596 Marlborough Avenue, Burnaby. (GBL Architects)

Amidst the challenging economic climate, the trend of larger, more established developers snapping up in-stream projects and properties by smaller builders continues to grow.

Last week, local developer Anthem Properties announced it had acquired the land assembly of 6556-6596 Marlborough Avenue in Burnaby’s Metrotown area.

The properties, currently occupied by low-storey residential structures dating back between the 1930 and 1960s, are located at the northeast corner of the intersection of Marlborough Avenue and Grimmer Street — roughly an eight-minute walk east of Metropolis at Metrotown mall or an eight-minute walk northwest of SkyTrain Royal Oak Station.

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Anthem acquired the project and property in partnership with KingSett Capital.

According to Melissa Howey, vice president of development for Anthem, the redevelopment will generate a 34-storey tower with condominium and market rental housing uses and a four-storey affordable rental housing building. There will be 218 condominiums, 47 market rental homes, and 41 below-market rental homes. The total number of units across all tenures is 306.

“As part of our high-rise portfolio, this project will expand Anthem’s growing presence in Burnaby, bringing much needed housing stock and urban revitalization,” she said in a statement.

6556-6596 Marlborough Avenue Burnaby

Site of 6556-6596 Marlborough Avenue, Burnaby. (Google Maps)

Site of 6556-6596 Marlborough Avenue, Burnaby. (Google Maps)

The property and project plans were previously owned by Accorde Properties, which first entered public hearing in late 2019 for its first reading. According to the City of Burnaby’s update on major development projects last month, the proposal reached its third reading almost exactly a year ago in late July 2022.

Goodman Commercial sold the land assembly to Accorde for $14.5 million in 2015.

Anthem now expects the project will reach final adoption with Burnaby City Council this summer, with pre-sales beginning shortly after in early 2024.

According to the application designed by GLB Architects, the unit size mix is 49 studios, 97 one-bedroom units, 48 two-bedroom units, and 24 three-bedroom units for the condominiums, and 14 studios, 50 one-bedroom units, 18 two-bedroom units, and six three-bedroom units for the rentals. Many of these units include a den.

Smaller one-bedroom condominiums between 574 sq ft to 584 sq ft are intended to provide a level of affordability for first-time homebuyers, with the number of smaller one-bedroom condominiums offset by a greater number of larger two-bedroom units with a den and three-bedroom units.

Artistic rendering of 6556-6596 Marlborough Avenue, Burnaby. (GBL Architects)

Artistic rendering of 6556-6596 Marlborough Avenue, Burnaby. (GBL Architects)

Underground levels will contain 294 vehicle parking stalls and 630 bike parking spaces.

The total building floor area will reach 223,000 sq ft, establishing a floor area ratio density of a floor area that is 6.14 times larger than the size of the 36,317 sq ft lot.

This adds to Anthem’s growing number of projects in the Metrotown area, beginning with its major recently completed project of Station Square. Its Metro King tower proposal immediately north of Metropolis at Metrotown mall at 4653-4673 Kingsway would be amongst Metro Vancouver’s new tallest buildings, exceeding the height of Living Shangri-La in downtown Vancouver.

Last year, it acquired China Aoyuan Group’s The Grove project in the Brentwood area, which is now known as South Yards, with its first phase now underway.

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