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Phase Two of Concord Metrotown Includes 60-storey Towers

Concord Metrotown phase two

A formal rezoning application has been filed with the City of Burnaby for phase two of Concord Metrotown by Concord Pacific.

 

Source: urbanyvr.com, burnabynow.com

Concord Metrotown phase two

Picture credit: Developer Concord Pacific

 

The second phase of Concord Metrotown, designed by IBI Group, includes approximately 2,000 homes (condos, non-market rentals and rentals) across three towers:

  • Market condominium tower with 40 floors
  • Non-market rental tower with 49 floors
  • Market condominium and non-market rental tower with 58 floors

A podium with approximately 600,000 square feet of commercial and retail space will sit atop the towers. The site will be lined with restaurants and cafes along Festival Way.

The second phase continues the architectural expression of phase one, with narrow towers and light glass.

An office/hotel tower with 47 stories and a market rental tower with 60 stories are also part of this rezoning application with guidelines for two commercial high-rise buildings.

Concord Metrotown phase two

Picture credit: Developer Concord Pacific

 

As part of a partnership with Metrotown shopping center owners Ivanhoe Cambridge, this sub-phase will be developed adjacent to the existing mall.

In spite of its proximity to SkyTrain, the development will provide more than 1,240 underground parking spaces for commercial use. A total of 4,621 bicycle parking spaces are also planned.

As part of the initial Concord Metrotown development phase, the developer was required to provide a plan for “transportation demand management” (TDM) – this included strategies like:

  • 15 percent of all residential units will receive a two-zone transit pass for 24 months
  • Car share memberships for each residential unit for a period of 24 months
  • The car share parking lot has 17 spots
  • Dedicated bike parking for two bikes
  • A bike wash and repair facility
  • A work lounge

There will be fitness centers, meeting rooms, children’s play areas, wellness spas, work lounges, guest suites, and kitchens. As part of the project, the rooftops will also be extensively landscaped and will include lawn areas, dog runs, dining areas, seating areas, a playground, and garden plots. Additionally, there will be an extensive public art program. PWL Partnership is the landscape architect.

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Trudeau announces $2B investment to fix Canada’s housing supply, affordability issues

Trudeau announces $2B investment to fix Canada’s housing supply, affordability issues

Trudeau announces $2B investment to fix Canada’s housing supply, affordability issues

Trudeau announces $2B investment to address housing affordability, supply issues in Canada

Source: Zoe Demarco (Dailyhive)

Source: Craig Lord (Global News)

The Federal Government plans to spend $2 billion to create more affordable housing and supplies across the Canada.

At a press conference on August 30th in Kitchener Ontario, Prime Minister Justin Trudeau announced the investment, which includes funding from the 2021 and 2022 federal budgets.

Additionally, he announced a new five-year rent-to-own stream for the Affordable Housing Innovation Fund, for which developers interested in utilizing the model can now submit applications. A rent-to-own program will get $200 million from the federal budget for 2022.

The funding will help build nearly 17,000 new homes across the country, including thousands of affordable units with rent higher in Canada in recent months due to high-interest rates, it would keep would-be buyers in the rental market.

“Housing should be more affordable for renters as well as owners,” Trudeau said. “I’ve talked with many Canadians who are worried about being able to afford a place to live.”

“This is as true for people looking to buy a home as for those who live in rental housing. We’re seeing prices going up across the country. We know we need to build supply and find innovative solutions.”

Trudeau announces $2B investment to fix Canada’s housing supply, affordability issues

Photo Source: Liberal.ca/housing/

The Canadian government will continue the Rapid Housing Initiative for a third time as part of the $2 billion investment, adding 4,500 more affordable housing units and will include projects that support people experiencing or at risk of homelessness, as well as women-focused housing projects.

At least 10,800 housing units, including 6,000 affordable units, will be created through the Affordable Housing Innovation Fund to help address Canada’s supply gap.

“Tackling housing affordability is a complex problem and there is no one silver bullet, but announcements like today’s give more people a place to call home and a real and fair chance at success.”

 

Click here to view Liberal Housing Plan

To read more local news and updates please check our BLOG PAGE

To view Geoff Jarman’s Listings CLICK HERE