5170-5190 HASTINGS STREET

Property Description

LOCATION

Located in the vibrant and sought-after Capitol Hill Neighbourhood, on the border of the amenity rich Willingdon Heights neighbourhood. Residents are walking distance to the exciting and ever changing street front retail of Willingdon Heights, which include hundreds of stores, restaurants and businesses. The property is a short walk or a 5 minutes bike ride to Confederation Park, a 200 acre multi use park that includes, among other amenities, a swimming pool, fitness centre, running track, baseball and soccer fields, playgrounds and picnic areas. The property is ideally located within the Capitol Hill Elementary and Burnaby North Secondary catchment areas and is a 15 minute bus ride to Simon Fraser University. Brentwood Mall and Downtown Vancouver are also conveniently accessible by transit.

DEVELOPMENT POTENTIAL

Development Potential: 5170 & 5190 Hastings Street are located in the City of Burnaby’s Capitol Hill Plan and is currently designated for its existing use as Medium Density Multiple Family Residential. In February 2020, the City of Burnaby adopted a new Rental Use Zoning Policy, in large part to encourage development of more purpose-built rental units. 6-storey development may be possible at a density of up to 2.75 FAR provided that 20% of the total number of units are rental housing priced at 20% below CMHC market median rents for the area.