5175 Kingsway, Burnaby, BC

FOR SALE | Ideal Holding Property or Redevelopment Opportunity Opportunity to acquire a strategic corner property, improved with 2,550 SF retail building, at the eastern edge of the Metrotown Development Plan Area at the northwest corner of Kingsway and Royal Oak Ave and within 600 meters of the Royal Oak SkyTrain Station. An ideal holding property or redevelopment site based on the Province of BC's Transit-Oriented Area Policy prescribing a min-imum of up to 8 storeys and a minimum allowable density up to a 3.0 floor space ratio. Zoning/OCP Currently zoned C4 Service Commercial permitting a wide range of retail uses as well as business and professional offices. The current OCP designates the property RM4s/C2 (with assembly) permitting a 4.9 FSR (2.5 FSR base residential density + 1.3 FSR base commercial density + 1.1 FSR bonus residential density). The Draft 2050 Burnaby Land Use Map indicates High-Rise Apartment 1 designation with height up to 30 storeys. Under the Province of BC's Transit-Oriented Areas policy, as the property is less than 800 meters from the Royal Oak SkyTrain Station a minimum allowable density of up to a 3.0 FSR with a minimum allowable height of up to 8 storeys.