What Happened

Vancouver-based developers OpenForm Properties and Alabaster Homes have submitted a revised rezoning application for a dual-tower residential project in Burnaby’s Metrotown neighbourhood. The proposal replaces an earlier plan for a 33-storey condo tower and a six-storey rental building with a configuration of a 32-storey tower and a 28-storey tower. Situated at 6470 and 6508 Silver Avenue, directly across from Maywood Park and half a block from Metrotown Station, the site will host 784 residential units in total.

The development is split into two distinct towers with different tenure strategies. The South Tower at 6508 Silver Avenue will rise 32 storeys and contain 420 units intended for strata sale, including studios, one-, two-, and three-bedroom layouts. The North Tower at 6470 Silver Avenue will be 28 storeys high with 364 units designated as rental housing. Notably, 83 of the total 784 units will be non-market rental units, replacing existing units on the site.

The project is scheduled for first and second reading on Tuesday, June 23. Under Burnaby’s height-based development framework, the developers opted for the permitted base height of 30 storeys with height averaging between the two towers, foregoing additional density through community benefit bonusing. The proposal also includes a 6-metre wide pedestrian linkage connecting the rear of the lot to Silver Avenue, linking to Maywood Park as required by the Metrotown Downtown Plan.

Why It Matters

This proposal highlights the ongoing intensification of Metrotown, one of Burnaby’s primary transit-oriented hubs. By delivering 784 units on a site previously held by 5088 Investments Ltd., the project adds significant density to the neighbourhood core. The inclusion of 83 non-market rental units is a critical component, as it addresses local housing affordability needs while replacing existing stock, a requirement often tied to redevelopment approvals.

The decision to forgo commercial space and additional density bonusing under the height-based framework suggests a strategic pivot by the developers. By sticking to the base height limits, the project avoids the complexities and costs associated with negotiating community benefits for extra height, potentially streamlining the approval process. However, the absence of commercial space means the development will not contribute ground-floor retail activity, which is often a key feature of vibrant downtown cores like Metrotown.

The split tenure model—strata for the South Tower and rental for the North Tower—reflects a common risk-mitigation strategy in the current market. Developers often separate market and non-market components to secure financing and approvals, but the reliance on rental for the North Tower exposes the project to rental market dynamics and financing costs that differ from the condo sector.

Local Vancouver / Burnaby Context

Metrotown, centered around the Metrotown Station and the Metropolis at Metrotown mall, is undergoing a massive transformation into a secondary downtown for the Greater Vancouver region. The Metrotown Downtown Plan emphasizes pedestrian-oriented neighbourhood linkages, such as the 6-metre linkage proposed in this project, to connect key amenities like Maywood Park. This plan encourages high-density residential development near transit nodes to reduce car dependency.

Burnaby’s height-based development framework allows for base height limits, typically 30 storeys in Metrotown, with the option to exceed this through community benefit bonusing. Developers often choose between pursuing maximum height for maximum density or sticking to base height for faster, more predictable approvals. In this case, OpenForm and Alabaster are choosing the latter, which may result in a slightly lower density than the maximum allowable, but potentially a quicker path to construction.

The site at 6470 and 6508 Silver Avenue is strategically located across from Maywood Park, a significant community amenity. Proximity to Maywood Park and Metrotown Station makes these units highly attractive to renters and buyers seeking walkable urban living. The project follows a trend of large-scale residential developments in Metrotown, including nearby projects like the revised 27-storey tower at Kingsway and Greenford, indicating strong developer confidence in the area’s long-term growth.

Market Impact

The addition of 784 units, with a significant portion being rental, will increase the supply of housing in Metrotown. The 83 non-market rental units will provide affordable options for lower-income households, potentially easing pressure on the existing rental market. However, the lack of commercial space means the project will not contribute to the local retail economy, which could be a missed opportunity for enhancing the neighbourhood’s vibrancy.

For the condo market, the 420 strata units in the South Tower will add to the inventory of new condos in Metrotown. Given the current market conditions, the success of these sales will depend on pricing, unit mix, and buyer confidence. The rental units in the North Tower will provide stable income for the developers but may face competition from other rental projects in the area.

The project’s location near Metrotown Station and Maywood Park will likely command premium prices for the strata units, appealing to buyers who value walkability and access to amenities. The pedestrian linkage to Maywood Park will enhance the site’s appeal, providing residents with direct access to green space.

Builder / Developer Perspective

OpenForm Properties, the real estate arm of OpenRoad Auto Group, and Alabaster Homes are leveraging their joint venture to deliver a large-scale residential project in Metrotown. By opting for the base height of 30 storeys with height averaging, the developers are prioritizing a streamlined approval process over maximum density. This strategy reduces the risk of prolonged negotiations for community benefits and allows for earlier construction start dates.

The split tenure model allows the developers to mitigate market risk. The South Tower’s strata units provide immediate cash flow upon sale, while the North Tower’s rental units offer long-term income. The inclusion of 83 non-market rental units is a requirement for the project, but it also helps secure community support and regulatory approval.

The developers are also focusing on transportation demand management, including transit subsidies and car share credits, to reduce the project’s environmental impact and appeal to transit-oriented buyers. The three-level underground parkade with 561 vehicle spaces and 1,637 bicycle stalls reflects a commitment to providing adequate parking while encouraging alternative transportation.

BurnabyHouse Insight

The OpenForm and Alabaster proposal represents a pragmatic approach to development in Metrotown. By choosing base height over maximum density, the developers are betting on speed and certainty over scale. This is a smart move in the current climate, where regulatory uncertainty and construction costs are high. The inclusion of non-market rental units is a necessary concession, but it also helps secure community support. The project’s location near Maywood Park and Metrotown Station is its strongest asset, ensuring strong demand for both strata and rental units. However, the lack of commercial space is a missed opportunity for enhancing the neighbourhood’s vibrancy. Overall, this project is a solid addition to Metrotown’s evolving skyline, reflecting the ongoing intensification of Burnaby’s primary transit hub.