A single proposed development could provide the city of Burnaby with a major infusion in new purpose-built market rental housing.
Toronto-based developer Starlight Investments wants to add two rental towers – 39 storeys and 48 storeys – to the Lougheed Village rental housing complex, located just west of Lougheed Town Centre shopping mall and near SkyTrain’s Lougheed Town Centre Station.
The towers will develop infill sites on the seven-acre property, and no existing residents will be displaced.
A design and rezoning application is being led by Vancouver-based NSDA Architects.
In 2015, Starlight Investments acquired Lougheed Village – a four building multi-residential complex with 58,000-sq-ft of local-serving retail. The site currently holds 528 rental homes within two eight-storey buildings and two 24-storey towers.
Lougheed Village is contained within Burnaby’s Lougheed Town Centre Plan, which calls for the transformation of the area into a dense, mixed-use community. The redevelopment of the large shopping mall site into ‘The City of Lougheed’ is expected to be the driver of much of the momentum in the area’s transformation.
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