Grosvenor has started construction on the first phase of Brentwood Block, a master-planned 7.9-acre, pedestrian-focused, mixed-use development in Burnaby. 

The site of the towering complex is located next to the Brentwood SkyTrain station and across Lougheed Highway from The Amazing Brentwood, a similar, existing master-plan hub that continues to develop and expand. 

The initial phase of Brentwood Block includes a 41-storey residential strata tower, two rental towers, a 100,000-square-foot community centre and 160,000 square feet of commercial space, said Marc Josephson, senior vice president, development with Grosvenor, in an interview with RENX. 

"We've been working on this project for a number of years . . . since 2019, and these things don't happen overnight," Josephson said. "Many steps are taken to get to the point where you're ready to start construction."

Uncertainty in the local housing market is having an impact on sales at the moment, but the challenge is likely more short-term in nature, he said.

"We have a uniquely long-term perspective. We've been in business for 70-plus years in Metro Vancouver, and as a company, almost 350 years," Josephson said. "So, we've seen many cycles and moments of uncertainty during that time. We're focused on solutions and finding ways forward."

Successful pre-sale in 2024

Josephson said Grosvenor had a lot of success when it launched pre-sales on Brentwood Block in fall 2024, so the firm is not dissuaded by the sluggish pre-sale market taking place right now.

”We have a mix of uses on the site, which enables us to move forward, alongside our strong partnerships." 

The market has more standing condominium inventory than it used to, he said, noting that macroeconomic uncertainty stemming from the trade war and other factors is not helping conditions.

"With every improvement to stability, buyers are going to continue to come off the sidelines and move forward. The demand is still there. It's just waiting on the sidelines for that evidence of stability."

He said a housing supply shortage could emerge once again within three years in the region.

First phase proceeds as joint venture

The initial phase of development is occurring as a joint venture between Grosvenor, a Canadian pension fund, and B.C.-based investment firm Westerkirk Capital Inc.

Grosvenor acquired the site, located on the southern side of Lougheed Highway, in stages beginning in 2016. 

Grosvenor is a London, England-headquartered owner and developer that has operated in the Lower Mainland of B.C. for over seven decades. It is known for developing major projects, and has a development pipeline worth roughly $6.5-billion in North America.

Brentwood Block is designed to eventually hold six towers and approximately 3,500 condo and rental homes. A highlight of the development is an all-rental tower expected to be the tallest of its kind in Western Canada at over 60 storeys.

Other features at Brentwood Block include 50,000 square feet of green space, a 44,000-square-foot grocery store and other retail stores next to the SkyTrain Station. It is intended as a pedestrian-only development.

The first phase will include 1,730 homes, including 1,279 rental units and 204 below market homes, Josephson said. 

Retail, dining mix to be multi-tiered and vibrant

A challenge for Grosvenor will be to develop and curate a mix of dining and retail businesses that can differentiate Brentwood Block from its neighbour The Amazing Brentwood, drawing-in customers and residents amid plenty of local competition. Josephson said the entire neighbourhood has emerged as a "compelling and interesting and desirable place to live and visit."

He said the retail mix is a big part of that. 

"We see ourselves as having a major role in completing the community, in tying the important parts together,” he said, calling Brentwood Block an entirely car-free environment. 

The dining and shopping area will be multi-tiered and "very green" with a unique ambiance, Josephson said, declining to mention any brands, shops or restaurants in particular. "Soon, but not at this time,” he said. 

The first buildings, including the condo and rental towers, the community centre and the retail space, are scheduled to complete in stages between 2029 and 2030.