Canada Safeway Ltd.'s former distribution complex in Burnaby now belongs to Ledingham McAllister. The Vancouver developer acquired the 48-acre site from Safeway on December 15 for approximately $125 million.
Bidding closed at the start of July, and Ledingham McAllister emerged successful after a short due diligence process.
Safeway will lease back the dairy plant it continues to operate on six acres of the property pending the plant's relocation. Ledingham McAllister president and CEO Ward McAllister said work with Burnaby planning staff will begin soon to develop a comprehensive community consultation regarding the site. He expects that process to last 12 to 18 months, with no construction occurring before 2014.
Safeway marketed the property with concept plans showing up to seven towers and a variety of mid-rise properties on a site.
"That bears no resemblance or relationship to anything that we're either envisioning or would come out of a planning process," McAllister said. "This is going to be a very consultive, inclusive, responsible process that's going to take a long time."
McAllister noted that the purchase price reflected its prime position in the heart of Edmonds, with transit and highway infrastructure, retail space and a new community centre and library all close by. "It's a hell of a site," he said. "Everything's there."
– Peter Mitham/BIV
from Western Investor February 2012
