Grosvenor has formed a joint-venture with an unidentified Canadian pension fund and Westerkirk Capital to develop the $1.5-billion first phase of the Brentwood Block in Burnaby, B.C.

The JV comes after Grosvenor obtained final approval from the city for the project on a 7.9-acre site near the Amazing Brentwood shopping centre and Brentwood SkyTrain station. Plans call for Phase 1 to contain 1,730 multi-family units, including 1,279 rental suites and 204 below-market rental premises.

Grosvenor said one tower will stand more than 60 storeys and rank as the tallest in Western Canada.

A community centre and 200,000 square feet of stores, restaurants and offices are also slated to be part of the real estate mix.

The suburban Vancouver property is bound by Lougheed Highway to the north, Beta Avenue to the east, Dawson Street to the south and Alpha Avenue to the west. 

“The joint venture formation at Brentwood Block is especially remarkable as it signals the start of one of our largest contributions to the North American housing market to date, delivering needed housing in supply-constrained Metro Vancouver,” said Jamie Delmotte, chief co-investment officer for U.K.-based Grosvenor’s North American property business.

“With current market conditions, these kinds of capital market partnerships are necessary for successful development today, and we will likely be seeing an increasing number of joint-ventures such as this one in the years to come.”

Sustainable features include fully electric in-suite appliances; space heating and cooling systems; LED lighting; smart thermostats; low-carbon systems and renewable energy designed to help Grosvenor achieve its net-zero operational carbon target by 2030.

“We are very proud to be making a contribution to meet the housing supply needs of the region in such a high-quality and sustainable manner,” said Steve O’Donnell, CEO for Grosvenor’s North American property businesses.

Condominium presales have begun. Construction is expected to begin in 2025 and conclude in 2026.

Westerkirk is a Victoria, B.C.-based family enterprise.

Photo: Courtesy of Grosvenor