Canada Safeway has called for bids from 50 developers, mostly in B.C., to purchase a 43-acre parcel of land it has for sale in Burnaby.
The property runs along 11th Avenue and 18th Street and is designated multi-family residential in the City of Burnaby's official community plan. The parcel is near the Edmonds SkyTrain station, surrounded by six major bus routes, adjacent to main roadways including Kingsway, 10th Street and Marine Drive and in close proximity to five schools and a variety of other amenities, making it a prime location for residential construction.
The bids were being considered as of June 1, according to Trevor Lee, senior real estate manager for Canada Safeway. Lee said Canada Safeway is not interested in a joint development for the land. "We want to sell it outright," he said, noting it is the largest such land sale by the company in B.C.
What is the land worth? Few would venture a guess without knowing the final density allowed, but smaller multi-family sites in Burnaby and Coquitlam are selling for $7 million to $8 million an acre.
A 10-acre site next to the King George SkyTrain station in Surrey, zoned for high-density housing, has been tied up at a price rumoured to be close to $45 million.u
from Western Investor July 2011
