A redevelopment property at 6470 and 6508 Silver Ave. in Burnaby has sold for over $45 million, according to Goodman Commercial Inc. (Courtesy Goodman Commercial)

A highly coveted 1.4-acre site in the Metrotown area of Burnaby, B.C., has sold for over $45 million and will likely become a large-scale high-density multiresidential development, taking advantage of the strong residential demand in the area.

The property at 6470 and 6508 Silver Ave., currently the site of two three-storey rental apartment buildings totalling 83 units, was listed by Mark Goodman and Cynthia Jagger, principals of Goodman Commercial Inc., and publishers of the Goodman Report.

The buyer is a well-known Metro Vancouver-area private developer while the seller of the property was a private family investor.

The current apartment buildings on the site have been in place since 1966 and 1967. The property went onto the market in May 2021.

“We actually just sent out an email blast, not with the address. It was just a quiet campaign. . . . Then it went under contract shortly thereafter for a couple months, went firm in the fall and closed (Tuesday),” Jagger told RENX.

Metrotown and potential redevelopment

Interest in the property was strong, she said, adding the land offers the potential for a $100-million-plus type of project – large-scale, high-density multiresidential development. It is zoned RM-4, offering up to 368,399 square feet of density which could be built out in a tower form over the coming years.

The location is directly across from a park, affords great views and is close to many local amenities and nearby access to rapid transit.

“There was strong interest from local developers for sure,” Jagger said.

It is one of the first major transactions in the area since the Metrotown Official Community Plan was updated allowing for density bonuses and changes to replacement rental regulations.

The property is expected to provide much-needed new housing, including below-market rental housing, to the region.

“Metrotown is a unique pocket and there’s a lot of desire to live there,” said Jagger. “This will potentially be a tower with a condo component – so lots of opportunities for home ownership and then there will be a below (-market) rental and rental component.

“Because this area has rapid transit, Metrotown Centre, there’s a ton of amenities. This particular site is directly across from Maywood Park which is quite beautiful . . . there aren’t many sites left in the Metrotown area of this size.”

Recent sale, new listing

Goodman Commercial has also just listed another property of 1.1 acres in the Metrotown area that is just a bit smaller in size than the Silver Avenue property. 6555 Telford Ave. is listed for $43 million and currently has a three-storey rental apartment building with 54 units.

The development potential for that property under its current zoning is 298,699 square feet.

“There’s a lot of interest and we also have offers on it right now,” said Mark Goodman. “It’s got similar attributes in terms of what you can build.”

The Silver Avenue sale follows closely on the heels of another significant sale by Goodman Commercial, what he called a “super-rare” 1.35-acre site in East Vancouver, an entire city block comprising six single-family home lots.

That property could also soon be redeveloped for a condo project to meet the “insatiable” demand for additional housing in the region.

Goodman Commercial had listed that property for $31.9 million. That property is being acquired by a local developer for close to the asking price. The vendor is a private investor/developer in the area.

The property is located on Earles Street in the Norquay Village neighbourhood, which is about a 15- to 20-minute drive to downtown Vancouver.

The sales are reflective of an ongoing strong market for development and redevelopment properties in and around Metro Vancouver.

“The appetite is just coming back for condo development. . . . The presale market has come back in 2021 so that’s creating a lot more confidence for development groups to start to look at purchasing sites to redevelop for those uses now,” said Jagger.