A new partnership has formed between Anthem Properties and Crestpoint Real Estate Investments for the redevelopment of the Telus Boot office tower site in Burnaby.

Source: Daily Hive, Storeys

This collaboration follows H&R Real Estate Investment Trust’s sale of a 50% interest to Crestpoint for $82.5 million earlier in 2024.

Eric Carlson, CEO of Anthem, emphasized the project’s potential to meet the rising demand for rental units in a rapidly growing area. He stated, “Partnering with Crestpoint presents an excellent opportunity to create a sought-after community.” It was also announced that developer PC Urban is no longer involved, and its rezoning application is currently under review by the City of Burnaby.

The Telus Boot site, known formally as the Telus Brian Canfield Centre, spans 6.6 acres at 3777-3791 Kingsway, at the corner of Kingsway and Boundary Road. The Central Park Commons project, designed by Arcadis, aims to redevelop the surface parking lots surrounding the original 21-storey office tower, which has been a visual landmark since its completion in 1976.

Central Park Commons will consist of five new towers, adding approximately 2,535 homes and 43,000 sq ft of retail space. The first phase includes two towers with 724 secured purpose-built rental homes, which will replace a surface parking lot fronting Kingsway. The ground level of these towers will feature about 6,500 sq ft of retail and restaurant space.

The potential mix for the rental housing includes 88 studios, 245 one-bedroom units, 125 one-bedroom units with a den, 132 two-bedroom units, 67 two-bedroom units with a den, and 67 three-bedroom units. To support these residential towers, there will be over 400 vehicle parking stalls and 1,454 secured bike parking spaces, replacing the current 364 vehicle parking stalls serving the office tower. If municipal approvals are secured, site preparation could begin in Fall 2024.

The second phase will be located on the northwest corner of the site, fronting Boundary Road. It will feature three towers, reaching heights of 52, 60, and 64 storeys, with about 1,559 strata market homes, 252 secured below-market rental homes, and an additional 37,000 sq ft of retail space. The existing 10-storey office base podium on Boundary Road will be demolished, reducing the total office space from 687,000 sq ft to 512,000 sq ft, while retaining the main 21-storey Boot tower.

The five new towers will generate a total building floor area of 2.04 million sq ft, supplementing the retained office tower. H&R Real Estate Investment Trust anticipates a net operating income of about $3.7 million from the aging office property in 2024.

The existing pedestrian overpass over Kingsway will be retained and upgraded, with the site approximately a 13-minute walk to SkyTrain Patterson Station. The City of Burnaby also has plans to improve the BC Parkway in the Metrotown area, enhancing connectivity. Additionally, SkyTrain Joyce-Collingwood Station is about a 15-minute walk away, and the site is served by frequent bus routes.

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Tags: Telus Boot Office Tower, Telus Boot Office, Telus Boot Office Tower redevelopment, redevelopment of the Telus Boot office tower site in Burnaby