Pinnacle International has revised plans for the first phase of the huge Pinnacle Lougheed mixed-use development in Burnaby, B.C., seeking to raise two proposed towers further into the sky.
The updated proposal for the site beside the Lougheed Town Centre SkyTrain station would see one tower rise to 87 storeys from 80 storeys. Meanwhile, the other tower would increase to 77 storeys from 73 storeys. The buildings’ heights would increase marginally because a podium would be lowered. The tallest tower would become the tallest building in Western Canada if built today, according to Daily Hive.
According to a city planning department notice, Pinnacle wants to add 292 market-priced condo units to the first phase while removing commercial office space.
The revised concept replaces most of the originally planned office space with residential and hotel uses in response to ongoing weakness in the recovering office market. The proposed shared podium has been reduced to five storeys from 13 storeys.
The revised proposal also changes the project’s inclusionary-housing strategy as Pinnacle seeks to comply with city policy requiring all new multi-residential projects to contain affordable-housing components. Instead of distributing below-market rental units across multiple phases of Pinnacle Lougheed, the developer now plans to deliver 300 below-market rental homes at a separate nearby site on Carrigan Court, west of Lougheed Highway.
The Carrigan Court site was always part of the mix, but it would now contain all of the below-market rental units.
The remaining 105 units from the original 405-unit rental-housing requirement would be converted to market-rental units.
The full three-phase Pinnacle Lougheed project is slated to include four towers with about 3.4 msf of development, including additional condo, rental-housing, office and hotel spaces.
Pictured: Pinnacle International’s proposed Lougheed project in Burnaby, B.C.
Photo: Pinnacle International
Ariel Property Advisors closed the $21-million sale of a development site at 566 Grand Ave. and 836 Dean St. in Prospect Heights, Brooklyn. The corner development site comprises approximately 86,065 buildable square feet and traded for approximately $244 per buildable square foot. The transaction was arranged by Ariel partner Sean R. Kelly along with associate...
Learn more
Marcus & Millichap arranged the sale of Knott-Orange Apartments, a 35-unit multifamily property located at 515 S. Knott Ave. in Anaheim. The property sold for $9.65 million, or $275,714 per unit. “This transaction marked the fourth closing from a larger Anaheim-area multifamily portfolio as the seller continues to reposition its holdings through a 1031 exchange...
Learn more
JLL Capital Markets arranged $135 million in construction financing and joint venture equity for the development of The Ibex at Ridge Hill, a 282-unit luxury multifamily community at the Ridge Hill mixed-use lifestyle center in Yonkers. Senior managing directors Evan Pariser and Aaron Niedermayer and director John Lowe arranged the senior construction loan with Bank...
Learn moreRe/Max Real Estate Professionals
Central CA Commercial | California
Recckio Real Estate & Development
Northgate Real Estate Group
California
California