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Canderel acquires prime re-development site in Burnaby, BC

Transit-oriented development in Lougheed Town Centre area includes two residential towers on a commercial podium.

Transit-oriented residential and commercial re-development

Canderel is pleased to announce the purchase of 3965 North Road, a 57,000 sq. ft. site located at the southwest corner of North Road and Austin Road in the Lougheed Town Centre area in Burnaby, BC. Development plans include two residential towers on a commercial podium.

3965 North Road is a transit-oriented location adjacent to The City of Lougheed Shopping Centre and the Lougheed Town Centre SkyTrain station, connecting multiple SkyTrain lines including the Expo, Millennium and Evergreen Lines and major road networks. North Road serves as an arterial route traveling north and south directions to the cities of Coquitlam, Port Moody and New Westminster. Locally run businesses on North Road, including retail, restaurants and cafés, are also within walking distance.

“The acquisition of 3965 North Road is an exciting opportunity to be a part of the Lougheed Core Area’s transformation into a vibrant neighbourhood,” says Bryce Margetts, VP Western Canada, Canderel. “We are very excited to be working on the re-development of this site to support the evolving needs of this neighbourhood.”

In addition to Canderel’s hyperlocal awareness of community needs, they bring proven expertise with multi-phased mixed-use projects in tight urban pockets. This includes DNA on King West, award-winning Residences of College Park at Bay and College, which includes a 1.9-acre park, and the master planned Tour des Canadiens in downtown Montreal. Canderel is also launching Luxe, a mixed use residential office project in partnership with Townline Homes in Richmond with sales beginning summer 2021.

Canderel will be working on the rezoning process with the City of Burnaby and the designs for the residential buildings and commercial podium in the coming months.

Click here to connect with us, if you would like more information about our investment management services, project and development services or for general inquiries. 

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