The area around Burquitlam Station on SkyTrain’s Millennium Line is quickly becoming one of the region’s fastest-growing transit-oriented development clusters.
The latest major redevelopment proposal for the area is located just 180 metres south of the station — a 1.4-acre, mid-block site at 533 Cottonwood Avenue, currently occupied by a 1970-built, three-storey building with 98 market rental units. Anthem Properties acquired the property in July 2018 for its redevelopment potential.
According to the developer’s rezoning and development application to the City of Coquitlam, the proposal is for a 412-ft-tall, 42-storey tower with condominium and rental units, and a six-storey wood frame rental building.
Designed by IBI Group, there will be 467 homes, including 332 market condominium units and 135 purpose-built rental units, with 20 units set aside as 25% below-market rentals operated by BC Housing. A handful of the units on the ground level will be townhomes.
The market condominium unit mix is 193 one-bedroom units, 97 two-bedroom units, and 42 three-bedroom units, while the rental unit mix is four studios, 85 one-bedroom units, 32 two-bedroom units, and 14 three-bedroom units.
Residents will have access to 25,000 sq. ft. of common amenity space, plus a courtyard type of space between the rental building and tower, such as a children’s play area and seating.
Four underground levels will host 531 vehicle parking spaces, with 435 of the spaces equipped with electric-battery vehicle chargers.
With the scope of the project, Anthem Properties will provide the city with $3 million in municipal development cost charges, $8.95 million in density bonusing funds, $244,000 in voluntary community amenity contributions, and $560,000 for payment in-lieu of parking spaces.
City staff state the developer has committed to not market their homes to overseas investors, and that they will instead focus on local buyers. If the project is approved, it will be constructed in a single phase.
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