OpenForm Properties Revamps Burnaby Development Amid Market Challenges

📅 2 weeks ago

OpenForm Properties is revising its development plan for a site in Burnaby, adapting to market conditions and city regulations. The new proposal features a mixed-use tower and a lower building, with significant changes to unit types and configurations.

The ongoing market downturn is prompting developers to rethink their strategies, and Vancouver's OpenForm Properties is no exception. The company, part of OpenRoad Auto Group, is making substantial adjustments to its project in the Edmonds neighbourhood of Burnaby, which was previously the site of the OpenRoad Honda Burnaby dealership prior to its relocation in 2023. Located at the intersection of Kingsway and Greenford Avenue, the site has been consolidated into a single parcel at 7211 Greenford Avenue, previously consisting of five separate legal parcels. According to BC Assessment, the property is valued at approximately $20.2 million and is owned through the OF (Kingsway) Master Limited Partnership.
OpenForm first initiated a rezoning application in early 2021, proposing a 40-storey tower featuring 346 strata units alongside a six-storey building with 69 rental units, of which 25% were intended to be below-market. This initial proposal received its third reading in March 2024, but OpenForm opted to revise the plan during the summer of 2024, altering the suite mix while maintaining the original heights. Final approval from the Council was secured in December 2024.
In a significant shift, the developer has now revised the proposal to feature a 27-storey mixed-use tower that will include both market and non-market units totaling 276, as well as a six-storey building comprising 142 units. This new configuration reduces the maximum height of the tower while keeping the total number of units relatively consistent. The overall project will consist of 418 units after the changes, which will include 44 studios, 133 one-bedroom apartments, 194 two-bedroom apartments, and 47 three-bedroom apartments. The development will also provide 308 vehicle parking spaces and 836 bicycle spaces, with additional parking allocated for the retail component.
An important alteration in the design is the positioning of the buildings; the high-rise tower will now face Kingsway, with retail spaces occupying the first two levels. The high-rise is expected to be developed in Phase One, while the low-rise will follow in Phase Two. Although the specific tenures of the residential units are not yet finalized, City staff indicated that OpenForm has expressed a desire to pursue a fully market rental project. This decision aligns with a recent amendment by the City that allows for flexibility in the inclusionary rental unit requirements based on project timelines.
The City Council recently approved amendments to the Rental Use Zoning Policy (RUZP) on June 9, 2026, which will affect how non-market inclusionary rental units are calculated for eligible pre-construction projects. If OpenForm proceeds with its indicated market rental project and adheres to the stipulated timelines, it may avoid the inclusionary rental requirement altogether. However, should the developer opt to include strata units or fail to meet the deadlines, it would necessitate providing a maximum of 28 units at 20% below CMHC median market rents for the neighbourhood.
Previous development cost charges (DCCs) have already been paid under the earlier approved application for 428 units, meaning that OpenForm will only be responsible for DCCs related to any net new commercial space. The City’s amenity cost charges (ACCs) program provides in-stream protection for applications that have a partial building permit in progress. OpenForm has an existing precursor building permit that would allow for site excavation before the revised rezoning application is adopted. If the partial permit is granted on schedule, ACCs will only apply to the new commercial area, not to residential units, as there are no new residential units being added.
Additionally, OpenForm has a density bonus obligation from the previous proposal that is still accruing interest. City staff have recommended that this interest collection cease upon granting a second reading to the revised application. All accrued interest must be paid before the third reading of the rezoning. If OpenForm chooses not to proceed with the revised application or if the Council does not adopt the rezoning by December 9, 2026, all accrued interest will become due, resuming normal interest collection thereafter. The Burnaby City Council is set to review the revised rezoning application for 7211 Greenford Avenue on July 28.

Related Posts