Keltic Canada Development started rolling on a major residential real estate project with its $94 million purchase of a 286,000-square-foot bowling alley at 5502 Lougheed Highway in Burnaby, British Columbia, as it attempts to build a trio of residential towers of up to 60 floors, containing 250 affordable housing units and ground-floor retail space.
The proposed residential project would be considered a transit-oriented development because of its proximity to the SkyTrain station which is able to ferry people to and from downtown Vancouver in about 50 minutes.
Keltic struck the deal with vendor Brentwood Lanes Canada Ltd. under which the REVS Bowling Alley will continue to operate until the construction project moves forward.
The project has been selected as the winner of the 2024 CoStar Impact Award for sale of the year, as judged by a local team of real estate professionals familiar with the market.
About the Project: The sale was one of the biggest real estate deals in British Columbia last year and will see the developer maintain and enhance Beecher Creek, a salmon-bearing stream that runs through the property.
What the Judges Said: "Densifying the area around Skytrain is an excellent way to increase housing without adding to urban sprawl or dependence on vehicular travel. The commitment to enhance the salmon-bearing streams that run throughout much of that area is also commendable. The interest rate market is challenging and the rules around condo presales can be daunting. The courage of the purchasers should not be ignored," said Andy Pham, director of asset management for BentallGreenOak.
They Made It Happen: Chris Midmore, senior vice president, James Lee, associate vice president, Carl Chen, associate vice president, all of Macdonald Commercial; Brett Aura, senior vice president with TRG Commercial Realty Ltd. represented vendor Jeong Ho Lee, owner of Brentwood Lanes Canada Ltd., in the transaction, with Peter Balomenos of Custom Realty Ltd. serving as agent in the transaction.