Anthem Properties has partnered with Crestpoint on the redevelopment of a landmark Burnaby, B.C., office building.

The move comes after H&R REIT has completed the sale of its 50% interest in the Telus Boot to Crestpoint in July for $82.5 million. Anthem said in a news release that the company has formed the new partnership to manage and develop the 6.6 site; however, the company did not disclose the value of its investment in the project.

The building is known as the Telus Boot for its big-name tenant and boot-like shape. The 671,000-square-foot asset is located at 3777-3791 Kingsway, across from Central Park and near the Burnaby-Vancouver boundary.

Plans call for restoration of the building, known for its iconic 1970s architectural structure, and about 2,500 homes in five new towers. The multi-residential units are slated to be a mix of strata condominiums, market rental homes and affordable rental homes.

“Partnering with Crestpoint to capitalize on near-term demand for rental units in one of the fastest-growing neighbourhoods in the Lower Mainland presents an excellent opportunity to create a sought-after, destination-based community,” said Eric Carlson, Anthem’s CEO and founder.

“This project is another example of thinking differently about how to leverage opportunities as we navigate challenging market conditions.”

The mixed-use project will also feature retail spaces. The project is slated to be completed in stages.

A rezoning application for the entire site is currently underway with the City of Burnaby, said Anthem. At this time, the partners are focusing on the first construction phase, which includes building more than 700 market-rental units in two structures over a connecting podium, supported by retail, on the south side of the property.

Pending city approval, site preparation is slated to begin in fall of 2024.

H&R’s sale of its stake in the Boot building was part of the REIT’s effort to divest all of its office assets.

Rendering: Courtesy of Anthem Properties