16 January 2020
Grosvenor Americas acquires one of the last full block development sites in Brentwood – one of Metro Vancouver’s fastest growing urban nodes
Grosvenor Americas is excited to announce its largest commitment to the housing market to date with the acquisition of a 7.9-acre, full block, transit-oriented site in the heart of Brentwood. The site is located in close proximity to the Brentwood Skytrain station and is bound by Lougheed Highway to the north, Beta Avenue to the east, Dawson Street to the south and Alpha Avenue to the west.
Following the implementation of the Brentwood Town Centre Official Community Plan (OCP) in 1996 and the Skytrain expansion in 2002, the Brentwood neighbourhood of Burnaby has seen the addition of over 10,000 new residential units, over one million square feet of new retail, and over 500,000 square feet of new office space. With the community rapidly growing, this site is expected to be one of the final areas to be developed in this emerging town centre to help meet the needs of the growing population of Burnaby.
Grosvenor Americas has plans to include a carefully curated mix of uses within the development including market condominiums, market rental, non-market rental, and commercial in the form of retail and office space. The scale and size of the development will enable Grosvenor to bring its well-established expertise in place-making in urban areas to the Brentwood community, as well as delivering on its corporate objective to have a meaningful, positive social impact on the communities where they develop. Grosvenor will also be contributing to the Mayor of Burnaby’s push for increasing affordable housing options by incorporating a large focus on rental housing.
“We are excited to be developing in Burnaby again, especially in one of BC’s most well-connected transit hubs,” says Michael Ward, Senior Vice President, Development and General Manager, Vancouver for Grosvenor Americas. “Increasing density on transit and in high amenity neighbourhoods is a priority as more people look to live in Burnaby because of its central location. It is imperative to plan ahead and account for more than just the population at hand.”
As one of the most well-connected transit hubs in the region, Brentwood continues to accommodate a migration influx and play host to a significant portion of Burnaby’s population density each year. The provincial government’s plan to improve transit connectivity to major universities and the greater Metro Vancouver area, will only further elevate Brentwood’s appeal and continue making this neighbourhood a highly sought-after place to be.
This marks Grosvenor Americas’ second acquisition in Burnaby in 2019. Earlier in the year Grosvenor teamed up with Citimark Group and Transca Development and began construction of the Polaris tower in Metrotown.
About Grosvenor Americas
Grosvenor Americas is an active developer and investor in several high-quality cities across the U.S. and Canada. Our strategy is to invest in vibrant urban locations where our activities can make a positive contribution to neighborhoods and communities.
Our active development pipeline focuses on projects in urban, transit-oriented and/or amenity-rich neighborhoods and includes current projects such as Crescent in San Francisco, The Pacific in downtown Vancouver, and Eckington Yards in Washington, D.C. We are also advancing larger multi-year projects in San Francisco, West Silicon Valley and Vancouver. Our Investment program adds value to residential, commercial and retail assets while also managing a portfolio of stable, high-quality properties across North America. Our Structured Development Finance business provides funds for much-needed residential development projects in our high growth markets.
We are part of Grosvenor Group, a privately owned international property company. With a track record of more than 340 years, the Group develops, manages and invests with a purpose of improving property and places to deliver lasting commercial and social benefit.
As of December 31, 2019, Grosvenor Americas had assets under management of CAD $5B.