Telus will continue to lease space in its iconic Burnaby, B.C., home until 2026.

But the telecommunications company will occupy a smaller footprint in the building known as the Telus Boot, which is slated for redevelopment as a residential complex. Building co-owner H&R REIT said Telus will continue to occupy 218,471 square feet of the REIT’s 50% interest in the L-shaped Boot until April 2026.

Telus vacated 114,989 sf of its previously larger premises and paid H&R a lease-termination fee of $1.8 million, the REIT said in its quarterly report. The telecommunications firm also leases office space at the Telus Garden in downtown Vancouver.

H&R and fellow co-owner Crestpoint Real Estate Investments are seeking to build five towers on the site over two phases. The development is known as Central Park Commons.

City of Burnaby councillors and administrators have endorsed the plan to redevelop the landmark located beside the the Burnaby-Vancouver boundary. The Boot sits on the northeast corner of Boundary Road and Kingsway across from Central Park.

Burnaby city council gave initial approval to the project in December, the Burnaby Now reported. The project passed first reading after city administrators recommended that the site be rezoned for residential use.

According to a city staff report, plans call for two market rental apartment buildings standing 31 and 38 storeys to be constructed in the first phase. The second phase is slated to include three strata high-rise residential buildings.

Local developer PC Urban Properties is working with H&R and Crestpoint on the project.

Image: Centralparkcommons.ca