Grosvenor has received a near-record $763 million in federal funding for its Brentwood Block multi-family development project in Burnaby, B.C.

The government provided the funds through the Canada Mortgage and Housing Corporation’s Apartment Construction Loan Program. The ACLP provides fully repayable low-interest loans for multi-family development projects to help offset Canada’s housing shortage by making homes more affordable for middle-income earners.

At nearly three-quarters of a billion dollars, the financing represents the second-largest loan of its kind in Canada, said CMHC. In 2022, the Squamish Nation received a record $1.4-billion loan under the ALCP to create nearly 3,000 homes on its traditional lands in Vancouver’s Kitsilano area.

The investment in the Grosvenor project support the construction of nearly 1,300 rental-housing units at the two-tower project in the Vancouver suburb.

Randeep Sarai, secretary of state for international development and MP for Surrey Centre, announced the funding during a news conference at the project site. He appeared on behalf of Housing and Infrastructure Minister Gregor Robertson.

Brentwood Block is a multi-phase, master-planned community on a 7.9-acre site encompassing an entire city block in the heart of the Brentwood area. When complete, the project will feature 1,279 rental units, 451 condominiums, 160,000 square feet of retail and commercial space, a new City of Burnaby community centre, and extensive public plazas and outdoor amenities. One building will stand more than 60 storeys and rank as Western Canada’s tallest all-rental tower.

“This is more than just construction,” said Sarai. “It’s about creating opportunities for individuals and families to thrive, to grow, and to build their future with stability and dignity.”

In a news release, Robertson said the government’s investments in rental housing are designed to support those who need it most while strengthening communities across British Columbia and the rest of the country.

“This federal investment is essential to ensuring projects like the Brentwood Block can move forward and reflects the kind of partnership that will move the needle on housing costs in Burnaby,” said Burnaby Mayor Mike Hurley.

The project’s construction is already underway. Grosvenor has formed a joint-venture with an unidentified Canadian pension fund and Victoria, B.C.-based Westerkirk Capital to develop the $1.5-billion first phase.

“The ACLP is key to this development’s viability, facilitating the Private Sector’s role in contributing much needed rental housing to Canada’s undersupplied markets,” said Steve O’Connell, CEO of U.K.-based Grosvenor’s North American property business. “Once complete, we look forward to activating our residential homes as an integral part of our sustainably-driven, pedestrian-focused master-plan, connecting thousands of new residents in the heart of Brentwood with the wider Metro Vancouver region.”

The 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. 

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.

Condominium presales have begun. Construction of the first phase is expected to conclude in 2026.

Photo: Courtesy of Grosvenor