- What Grosvenor’s Brentwood Block is now part of a joint venture
- Why The company has teamed up with a family office and pension fund to build phase one of the massive project
- What next When fully completed, the project will host about 2,450 housing units
Grosvenor has inked a joint venture deal with a Canadian pension fund and a family office for the $1.5bn first phase of a mixed-use residential development in suburban Vancouver, Green Street News can reveal.
The firm established the joint venture with Westerkirk Capital and an unnamed pension fund for its 7.9-acre Brentwood Block development in Burnaby.
The first phase includes 1,730 homes, a multi-storey community centre and 200,000 sq ft of commercial space. The rental towers will rise 53 and 64 storeys and house some 1,280 units, with 204 at below-market rates. There also will be a 42-storey condominium tower.
Construction is expected to begin early next year, completing in 2030. Condo presales started last month.
The project received final approval by the Burnaby City Council earlier this year and eventually will encompass six towers and 2,450 rental units. About 450 of those units will be at below-market rates.
Grosvenor will hold and operate the property. Operating in the North American real estate sector since 1952, the company has $5bn of assets under management and a $6.5bn North America development pipeline.
Westerkirk Capital is a British Columbia-based family office headed by Sherry Brydson, the largest shareholder of Woodbridge, an investment firm that controls Thomson Reuters.
Article amended at 5:47 p.m. ET on Oct. 8, 2024, to reflect that the first phase is $1.5bn.
