Anthem Properties and KingSett Capital have acquired ‘The Grove’ project in Brentwood in Burnaby from Aoyuan Canada, whose Chinese parent company signalled in December 2021 it was experiencing a liquidity crisis, according to Bloomberg.
At the time of the report, Aoyuan said it was exploring asset sales and was in preliminary discussions with potential investors and purchasers.
The deal sees Anthem and KingSett take on plans for ‘The Grove’, which will consist of four phases with a total of 2,100 market condos, 340 rental units and 60,000 square feet of commercial space. There will be five residential towers and two wood-frame, mid-rise affordable rental buildings. Anthem and KingSett are sticking with the design by IBI Group originally put together for Aoyuan.
This will be Anthem’s first project in Brentwood since 2007 when it completed the Tandem project on Gilmore Street.
The development site was formerly home to Olympia Tile and is currently vacant. The developers say the masterplan rezoning is close to final approval and they expect to start phase one sales in late 2022.
There is an incredible amount of development planned or under construction in the Brentwood Town Centre neighbourhood, including:
- Grosvenor Brentwood: “a paradigm shift” for Burnaby
- New details on Bosa Development’s ‘Brentwood West’
- Concord Brentwood ‘Oasis’ in Burnaby includes sunbathing beach