OpenForm Properties and Alabaster Homes Unveil Ambitious Twin-Tower Development in Burnaby's Metrotown
📅 Today
Vancouver-based developers OpenForm Properties and Alabaster Homes are collaborating on an extensive two-tower project in the Metrotown neighborhood of Burnaby. This initiative is tied to a rezoning application that is set to be reviewed by the City Council this week. The proposed site for this development encompasses the addresses 6470 and 6508 Silver Avenue, strategically located directly across from Maywood Park and merely half a block from the Metrotown Station. Currently, both parcels are occupied by aging low-rise rental buildings. According to the BC Assessment, the property at 6470 Silver Avenue is valued at $11,566,000, while 6508 Silver Avenue is assessed at $12,321,000, bringing the total assessed value to $23,887,000 as of July 1, 2025. These properties are under the ownership of 5088 Investments Ltd.
OpenForm Properties, which is the real estate division of OpenRoad Auto Group, acquired the two parcels in early 2022 for $22,606,249 and $22,393,751, respectively, through a transaction facilitated by Goodman Commercial. Initially, the developers had proposed a 33-storey condominium tower alongside a six-storey rental building. However, a joint venture with Alabaster Homes has led to a revised project plan.
The new proposal involves the construction of a 32-storey tower and a 28-storey tower, each featuring a nine-storey podium, totaling 784 residential units. The South Tower, located at 6508 Silver Avenue, will be the taller structure at 32 stories, accommodating 420 units that include 40 studio units, 200 one-bedroom units, 149 two-bedroom units, and 31 three-bedroom units. The North Tower at 6470 Silver Avenue will rise 28 stories and house 364 units, which comprise 112 studio units, 97 one-bedroom units, 128 two-bedroom units, and 27 three-bedroom units. Of the total residential units, 83 will be designated as non-market rental units, replacing the existing units currently on the site.
The developers have indicated intentions to pursue strata ownership for the South Tower and rental options for the North Tower, although a definitive decision is yet to be finalized. The project will be executed in two phases, with Phase One encompassing the North Tower and a pedestrian mews situated between the two towers. Phase Two will then introduce the South Tower. The replacement rental units will be located in the North Tower, to be delivered in the first phase.
Notably, the proposal does not include any commercial space, which could have offered additional density to the project; however, it does promise approximately 13,108 square feet of indoor amenity space. Additionally, the development will provide 561 vehicle parking spaces and 1,637 bicycle parking stalls within a three-level underground parkade.
City planning staff highlighted the project's proximity to Maywood Park, a significant community amenity, stating, "The proposal includes a 6-meter wide pedestrian-oriented neighborhood linkage, connecting from the rear of the lot to Silver Avenue between the two buildings, in accordance with the Metrotown Downtown Plan, linking to the park to the west."
Under Burnaby's new height-based development framework, the base height allowed for this site is 30 stories. While additional stories can be obtained through community benefit bonusing, the developers have opted to adhere to the base height, with an average height between the two towers as stipulated by city policy. Furthermore, as part of their transportation demand management strategy, the developers agreed to provide a transit subsidy of $2,850 per unit, car share credits of $1,500 per unit, five on-site car share parking spaces, and facilities for bicycle maintenance.
The initial readings of OpenForm Properties and Alabaster Homes’ proposal are scheduled for Tuesday, June 23, alongside Peterson’s three-building proposal located nearby at 6645-6707 Dow Avenue. Additionally, in another part of Burnaby, OpenForm Properties had previously secured approval for a 40-storey tower and a six-storey building at 6958-6984 Kingsway and 7243 Greenford Avenue, which is situated on property currently occupied by an OpenRoad Honda dealership. Recently, however, they submitted a new rezoning application, proposing a reduction to a 27-storey tower and a six-storey building.
OpenForm Properties, which is the real estate division of OpenRoad Auto Group, acquired the two parcels in early 2022 for $22,606,249 and $22,393,751, respectively, through a transaction facilitated by Goodman Commercial. Initially, the developers had proposed a 33-storey condominium tower alongside a six-storey rental building. However, a joint venture with Alabaster Homes has led to a revised project plan.
The new proposal involves the construction of a 32-storey tower and a 28-storey tower, each featuring a nine-storey podium, totaling 784 residential units. The South Tower, located at 6508 Silver Avenue, will be the taller structure at 32 stories, accommodating 420 units that include 40 studio units, 200 one-bedroom units, 149 two-bedroom units, and 31 three-bedroom units. The North Tower at 6470 Silver Avenue will rise 28 stories and house 364 units, which comprise 112 studio units, 97 one-bedroom units, 128 two-bedroom units, and 27 three-bedroom units. Of the total residential units, 83 will be designated as non-market rental units, replacing the existing units currently on the site.
The developers have indicated intentions to pursue strata ownership for the South Tower and rental options for the North Tower, although a definitive decision is yet to be finalized. The project will be executed in two phases, with Phase One encompassing the North Tower and a pedestrian mews situated between the two towers. Phase Two will then introduce the South Tower. The replacement rental units will be located in the North Tower, to be delivered in the first phase.
Notably, the proposal does not include any commercial space, which could have offered additional density to the project; however, it does promise approximately 13,108 square feet of indoor amenity space. Additionally, the development will provide 561 vehicle parking spaces and 1,637 bicycle parking stalls within a three-level underground parkade.
City planning staff highlighted the project's proximity to Maywood Park, a significant community amenity, stating, "The proposal includes a 6-meter wide pedestrian-oriented neighborhood linkage, connecting from the rear of the lot to Silver Avenue between the two buildings, in accordance with the Metrotown Downtown Plan, linking to the park to the west."
Under Burnaby's new height-based development framework, the base height allowed for this site is 30 stories. While additional stories can be obtained through community benefit bonusing, the developers have opted to adhere to the base height, with an average height between the two towers as stipulated by city policy. Furthermore, as part of their transportation demand management strategy, the developers agreed to provide a transit subsidy of $2,850 per unit, car share credits of $1,500 per unit, five on-site car share parking spaces, and facilities for bicycle maintenance.
The initial readings of OpenForm Properties and Alabaster Homes’ proposal are scheduled for Tuesday, June 23, alongside Peterson’s three-building proposal located nearby at 6645-6707 Dow Avenue. Additionally, in another part of Burnaby, OpenForm Properties had previously secured approval for a 40-storey tower and a six-storey building at 6958-6984 Kingsway and 7243 Greenford Avenue, which is situated on property currently occupied by an OpenRoad Honda dealership. Recently, however, they submitted a new rezoning application, proposing a reduction to a 27-storey tower and a six-storey building.
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high-rise towers
construction project
Alabaster Homes
Residential Development
transit-oriented development
Burnaby
OpenForm Properties
housing affordability
Metrotown
urban development
