Joint venture partners Crestpoint Real Estate Investments, Vestcor and Anthem Properties were joined by Burnaby Mayor Mike Hurley to host a ceremonial groundbreaking event for the project, named King + Park.

The milestone marks the formal start of construction on Phase 1 of the multi-phased development. The initial phase focuses on addressing the urgent requirement for quality rental accommodation in the Lower Mainland region. Workers are now constructing 724 rental homes across two towers built over a shared podium, with a scheduled completion date set for the summer of 2030.

The transit-oriented site offers direct access to the local SkyTrain network, Metrotown and Central Park. Beyond the initial phase, the full masterplan is designed to provide 43,402 square feet of commercial space across the entirety of the project. A future phase of the scheme will introduce 1,559 strata homes alongside 252 non-market rental units.

A central element of the regeneration project is the comprehensive restoration of a 512,350 square feet local landmark office tower. Known colloquially by Burnaby residents as “The Boot” because of its distinct shape, the building turns 50 years old this year. Crestpoint confirmed at the ground breaking that the structure will be officially named The Boot at King + Park, with plans to revitalise the property into one of the most iconic office buildings in British Columbia.

Crestpoint Real Estate Investments and Vestcor first backed the property in 2014, steadily growing their investment footprint in the municipality over the subsequent 12 years. Upon full completion, the scheme will weave together residential and commercial zones with the preserved office spaces.

Burnaby Mayor Mike Hurley said, “We’re thrilled to see this project moving forward — adding much-needed rental housing in transit-oriented locations, as well as restoring essential office space to ensure jobs and services remain close to where people live. We’re especially encouraged to see a mix of homes, including future non-market units, that will help ensure more people can find stable, affordable housing in our city.”

Max Rosenfeld, Executive Vice President and Head of Asset Management at Crestpoint Real Estate Investments, noted, “Crestpoint and Vestcor first made an investment in this property in 2014. Since then, we have steadily increased our commitment to Burnaby and to realizing the full potential of this site. It is a distinct opportunity to honour heritage and reimagine a site simultaneously. We are thrilled to be partnering with Vestcor and Anthem on the execution of a vision for King + Park that will have a positive, lasting impact.”

Anthem Properties’ Executive Vice President of Development, Rob Blackwell, added, “At Anthem, we talk about Creating Real Estate That Works, and we mean that in the fullest sense. Not only providing financial value for our partners and investors, but also community value. Neighbourhood value. Developments that have a sense of place. Long-term value for the people who will actually live and work there. Together, the phases of King + Park will deliver a complete neighbourhood, one that honours the site’s history while meeting the needs of a growing, dynamic city.”