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Redevelopment Plans Announced for Burnaby’s Telus Boot Office Tower

rendering-of-the-proposed-burnaby-master-plan-from-crestpoint-telus-boot

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.

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.

Artistic rendering of Central Park Commons at the Telus Boot at 3777-3791 Kingsway, Burnaby. (Arcadis/PC Urban)

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

Cost of Surrey-Langley SkyTrain Extension Rises by 50% to Nearly $6 Billion

The B.C. government announced that the Surrey-Langley SkyTrain extension will now cost nearly $6 billion, a $2 billion increase from the original estimate, and will take longer to complete.

Source: CBC News, Vancouver Sun

Citing global market challenges and significant inflation, Transportation Minister Rob Fleming explained that rising construction costs have driven the price up from $4.1 billion to $5.996 billion.

Fleming emphasized that cost pressures are not unique to British Columbia, with similar trends observed in major infrastructure projects across North America and globally. He assured that the price is unlikely to rise further following the signing of contracts and stated that the project still compares favorably to similar initiatives, like Calgary’s Green Line, which has seen costs escalate to about $500 million per kilometre, while the Surrey-Langley extension will cost approximately $375 million per kilometre.

Initially approved in 2022 and slated for completion in 2028, the project’s new “anticipated in-service date” is now late 2029.

Rendering of the proposed Willowbrook SkyTrain Station as part of the Surrey-Langley SkyTrain extension project. Photo by Ministry of Transportation /Government of B.C.

Criticism quickly followed the announcement, with Surrey South MLA and BC Conservative Party member Elenore Sturko calling the cost increase a “betrayal of the public’s trust” and accusing the BC NDP of financial mismanagement. Sturko and BC Conservative Leader John Rustad are demanding a full audit of the SkyTrain project.

Despite the backlash, Fleming defended the project, highlighting its long-term benefits, including the creation of about 20,000 jobs and 100,000 homes within 800 meters of the eight new stations. The 16-kilometre extension will expand the Expo Line from King George Station in Surrey to 203 Street in Langley, adding eight stations and three transit exchanges.

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Tags: Surrey-Langley SkyTrain, Surrey-Langley SkyTrain Extension