Toronto's Starlight Investments is enhancing the Lougheed Village area with plans for three new infill towers, strategically positioned without displacing current residents. Situated at 9500 Erickson Drive in Burnaby, the site currently features two 24-storey and two eight-storey buildings that house a total of 528 rental units along with various commercial spaces. Acquired in November 2015 for a reported $160 million, the property is currently valued at around $221.6 million according to a July 2024 BC Assessment report. The new proposal aims to introduce 1,467 market rental units through three towers: the southern tower will reach 45 stories and include 572 units, the middle tower will be 37 stories with 442 units, and the northern tower will rise to 38 stories with 453 units, offering a diverse mix of studio, one-bedroom, two-bedroom, and three-bedroom units. The development will unfold in three phases, starting with the demolition of existing commercial structures to make way for the tallest tower. Each phase will also enhance the surrounding area with landscaped spaces and new internal roadways. Notably, Starlight Investments is adhering to Burnaby's height-based development framework, which permits a maximum of 40 storeys for the site. Despite the absence of a minimum parking requirement in this transit-oriented area, Starlight is voluntarily providing 442 new vehicle parking spaces and implementing transportation demand management strategies, including transit subsidies and car share credits for residents. Historically, a similar proposal was submitted in 2016 but did not progress. As Canadian real estate continues to evolve with ambitious projects like this, the need for flexible and affordable furnishing solutions grows. Whether you're a new resident moving into a modern rental unit or a current downsizing, Fiva.ca is your essential partner. Find everything you need to turn your new space into a home, from stylish furniture to unique decor, all from local sellers. Discover incredible deals and make moving easier on Fiva.ca, Canada's leading classifieds marketplace.
