A fully approved north Burnaby condominium development project has come on the market through a court sale.

Goodman Commercial has been retained as the exclusive listing agent by Deloitte, the court-appointed receiver, to market the property. The asking price is $16 million.

The partially constructed, five-storey mixed-use development is located at 4451 Hastings Street in the Heights district.

“The great thing about this offering, it solves a lot of problems for developers, is that we’ve removed the entitlement risk,” said Mark Goodman, a principal of his namesake firm, in an interview with Connect CRE Canada.

Situated on a 17,222-square-foot site, the project has been fully rezoned and permitted for a 52,753-square-foot building. Plans include 38 residential strata homes above six commercial strata units, all set atop a two-level underground parkade offering 71 parking stalls.

Mark Goodman said the offering has already attracted strong interest from prospective buyers.

“I think it just makes sense,” he said. “Developers need to keep the [development] machine going. They’re eager to move forward with projects, and the biggest stumbling block has consistently been the city and how long the entitlement process is, and the risk associated with that. Well, now that’s gone. So now it’s really academic.

“They’re going to look at the numbers, see what’s been spent to date, and they’re going to continue along where the past developers left off.”

Excavation and shoring are complete and the parkade structure is in progress. Notably, 28 of the 38 residential units, along with all six commercial units, are under pre-sale contracts.

Local developer I4 Property Group was the original developer before the project was placed in receivership.

The offering presents a rare opportunity to acquire a centrally located, substantially advanced development project in one of Burnaby’s established neighbourhoods, according to Goodman Commercial.

Broker Megan Johal is co-ordinating the sale listing for the company.

Pictured: Future condominium development in the Heights district in North Burnaby.

Rendering: Courtesy of Goodman Commercial

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