- What A distressed property in Burnaby has been listed for $35m
- Why The owner was at nearly $13m in arrears last August
- What next Plans for a 34-storey tower have been drafted for the site
A distressed Burnaby redevelopment site slated for a 460-unit apartment building is listed for sale at $35m following a Feb. 27 court order, Green Street News can reveal.
The property, at 6622-6688 Willingdon Avenue in the Vancouver suburb, is occupied by two existing multifamily buildings constructed in 1967. A 34-storey apartment tower dubbed Willingdon Rose has been proposed for the site, with third reading approval obtained.
Cushman & Wakefield has the marketing assignment on behalf of the lender, Terrapin Mortgage Investment Corp., which foreclosed on the property last year.
Court documents list the owner as a numbered company and Zhiping Yang.
The mixed-use project was meant to have 362 market rentals and 98 strata units before it headed into financial trouble. As of August, Terrapin was owed $12.6m plus accumulating interest.
The site is less than a kilometre from the Metropolis at Metrotown Mall and the Metrotown Skytrain station, and 10 km from downtown Vancouver.
