Canada’s biggest landlord is planning Metro Vancouver’s largest rental housing development near Burnaby’s Lougheed Town Centre.
Starlight Developments, a division of Starlight Investments, announced December 1 that it has submitted a rezoning proposal to the City of Burnaby.
The proposal includes the retention of four concrete rental towers with 528 units and the addition of three highrise concrete towers and 1,200 new rental homes – totalling 1,728 suites when the proposed development is completed.
All existing rental buildings have been renovated and will be retained. With the addition of three towers comprised of 48, 39, and 36 storeys, Lougheed Village will be Starlight’s most ambitious project in Metro Vancouver.
“What makes this project significant is not just the addition of 1,200 new rental suites, but also the preservation of 528 existing residences,” said Starlight’s head of development and construction, Josh Kaufman.
According to the Burnaby Housing Needs Report, issued November 27, there is a strong regional demand for rental housing, with the number of rental suites currently in development falling “far short of anticipated needs.”
Even with significant new development, the municipality’s rental housing inventory has decreased by 8.8% compared with 2019’s third quarter.
According to the report, Burnaby has a rental vacancy rate of between 1.3% and 1.7%, depending on unit composition.
The Lougheed Village plan calls for residence configurations ranging from studios to three-bedroom suites.
Resident amenities will include a daycare, gym, pool, children’s play structures, outdoor gardens, rooftop terraces, multi-purpose sports court and a pollinator garden.
The site and surrounding community will also be linked into the development of a multi-use path connecting to nearby Lougheed Mall and the Lougheed SkyTrain station.
The City of Burnaby’s Lougheed Town Centre Plan calls for the transformation of the area into a dense, mixed-use community supported by rapid transit.
“Starlight’s decision to move forward and expand the reach of this large-scale development signals our confidence in this community and the Burnaby residential rental market,” Kaufman said.
Starlight is the largest multi-residential owner-operator in Canada.
It’s British Columbia portfolio has grown significantly with recent acquisitions, including the $4.8 billion purchase of the Northview Apartment Real Estate Investment Trust portfolio and Aqua at Plaza 88, a New Westminster rental-housing tower.
Starlight now manages approximately 4,800 rental suites in the province. •