Addition of new towers at largest all-rental development in Metro Vancouver
Lougheed Village will be the largest, all-rental development in Metro Vancouver with the addition of three new high-rise towers by Toronto-based Starlight Developments.
Starlight has submitted a revised rezoning proposal to the City of Burnaby to add the new towers which will contain 1,200 new rental apartments, in addition to the existing 528 units in four high-rise, concrete towers. Once complete, Lougheed Village will consist of 1,728 rental apartments — the largest all-rental community in Metro Vancouver.
The new buildings, designed by NSDA Architects, will measure 48, 39, and 36 storeys. In addition to the new construction, the existing rental units have been renovated.
“What makes this project significant is not just the addition of 1,200 new rental suites, but also the preservation of 528 existing residences,” explained Starlight ’s head of development and construction, Josh Kaufman. “We’re extending the life of the existing suites and transforming the community through the addition of three new towers and best-in-class resident amenities and landscaping. We are excited to collaborate with the City of Burnaby on improving the community and adding much needed rental stock.”
Renderings: Lougheed Village rental revival
New suites at Lougheed Village will range from studios to three-bedroom suites – and include amenities like a daycare, gym, pool, children’s play structures, outdoor gardens, rooftop terraces, a dog run, multi-purpose sports court and a pollinator garden. Residents and the surrounding community will also enjoy new connectivity with the development of a multi-use path connecting to nearby Lougheed Mall and the Lougheed SkyTrain Station.
Burnaby is one of Metro Vancouver’s tightest rental housing markets, with vacancy rates between 1.3 and 1.7 per cent.
If all goes according to plan, construction for phase one could start in 2022, with substantial completion in 2025.
The 1,200 new units won’t boost the number of parking stalls on site much – 305 additional spaces will be added, as Starlight indicates less than 50 per cent of the existing 767 parking spaces are rented by tenants, likely due to Lougheed Village’s location adjacent to SkyTrain.
In terms of parking, Starlight has 767 existing parking spaces, but less than 50% of those spaces are rented by tenants. The proposal is for 1072 parking spaces for the entire development. So a net increase of 305 spaces. The new development will help increase the utilization of existing parking spaces which are currently vacant.