CommercialSaputo's Burnaby milk plant sold for $209 million, new town centre envisioned

Saputo’s Burnaby milk plant sold for $209 million, new town centre envisioned

Related stories

Frame at Kingsway and Earles sets new standard for Vancouver condos

Frame is Vancouver’s best concrete value in new condo...

Pinnacle Lougheed to include tallest building west of Toronto

Pinnacle Lougheed in Burnaby will be home to the tallest building west of Toronto once complete, with an 80 storey, mixed-use tower.

Cambie Corridor development by Peterson planned on Ash Street

Peterson is planning a three-building development at Ash and...

Anthem, KingSett take over Brentwood development from Aoyuan

Anthem Properties and KingSett Capital have acquired 'The Grove'...

Peterson, Coromandel acquire Oakridge site from Wall; plan hotel & residential

Peterson Group and Coromandel Properties have acquired a development...

It was one of the top land deals of 2018 in Metro Vancouver, and the sale of the Saputo milk plant in Burnaby is set to transform the area around Sperling-Burnaby Lake SkyTrain station into a new town centre.

The 19-acre site was sold for $209 million to Peterson Group, a Vancouver-based developer behind developments like the Shangri-La Vancouver, Woodwards, 1550 Alberni and Hudson Walk 2 in Victoria. Cushman & Wakefield handled the sale to Peterson.

The Saputo milk plant will be moving to a new building in Port Coquitlam in 2021, and the former milk plant site is expected to be redeveloped into a high-density, mixed-use community.

Interestingly, the property directly adjacent to the Saputo site is also for sale, and is also being marketed as a transit-oriented development opportunity. The site was formerly home to a BCTel/TELUS operations building, which has been demolished.

7000 Lougheed Highway
Screenshot of marketing package for 7000 Lougheed Highway. Credit: Colliers Canada

The listing for 7000 Lougheed Highway by Colliers Canada says it’s a “unique opportunity to be at the forefront of neighbourhood planning to develop a visionary, master-planned urban village featuring an optimized mix of building forms and unit types largely unachievable in the Town Centre areas.”

“Site topography provides for stunning views overlooking Burnaby, Vancouver and the North Shore Mountains,” the listing states.

Redevelopment of the two sites could add thousands of new residents, commercial and job space to the area, which is in an ideal location along SkyTrain and overlooking Burnaby Lake.

With the redevelopment of nearby Brentwood Town Centre and Lougheed Town Centre well underway, Sperling-Burnaby Lake could be the area’s next big transformative project.

Subscribe for the latest development news

Peter Meiszner
Peter Meisznerhttps://www.peterforvancouver.com/
📢 I am running for Vancouver City Council with A Better City (ABC) and Ken Sim! Visit peterforvancouver.com for more information.
Snaile Smart Parcel Lockers

Newsletter

Latest stories