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Massive $151M land deal paves way for Burnaby's fifth town centre

NOW has learned sale of 14-acre Telus site to Create Properties was finalized last month

A 14-acre property inside Burnaby’s proposed Bainbridge urban village has sold for $151 million, the NOW has learned.

Vancouver developer Create Properties confirmed it has purchased the land at 7000 Lougheed, beside the Saputo Dairy plant.

(The Saputo site was sold in 2018 for more than $200 million and the dairy plant is moving to Port Coquitlam.)

The sale of 7000 Lougheed was finalized on Nov. 30, Create confirmed.

It’s the site of an old BCTel/Telus industrial complex demolished in 2015 to allow for an environmental assessment of the soil and groundwater below the building slabs as a step towards future redevelopment, according to a city report.

It’s not the first time a deal has been made involving the property.

In September 2017, Vancouver developer Polygon Homes Ltd. signed a $175.5-million deal with Telus to buy the land, but that deal collapsed and ended in duelling lawsuits, according to court documents.

Burnaby is in the process of finalizing a Bainbridge urban village community plan, including a mixed-use urban village next to the Sperling-Burnaby Lake SkyTrain Station.

“The plan will establish a vision and policies to guide the creation of the urban village and shape how this area will redevelop over the mid and long term,” states the city’s website.

The Bainbridge area is located between Brentwood and Lougheed Town centres, north of Burnaby Lake and east of Still Creek. The community is anchored by the Sperling-Burnaby Lake SkyTrain Station next to Lougheed Highway and borders Burnaby Lake Regional Park.

Redevelopment of the former Saputo and Telus sites will add thousands of new residents, commercial and job space to the area.

The school district’s five-year capital plan already includes plans to acquire property for a new school in the area.

Follow Cornelia Naylor on Twitter @CorNaylor
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