After a few starts, stops, and a complex legal proceeding, Peterson is turning the page and beginning a new chapter at its Burnaby Lake Town master-planned neighborhood, beginning with the name: the task has been rebranded as Blake Village.The project is set
for the 19-acre website at 6800 Lougheed Highway, straight surrounding to the Millennium Line SkyTrain’s Sperling-Burnaby Lake Station. The property was formerly home to an industrial center occupied by Saputo before it was sold to Peterson and Develop Properties in 2018 for $209 million.Peterson and Develop Residences got last approval for their master plan rezoning application in July 2024, but the job was placed under financial institution defense a few months later, as initially reported by STOREYS, after conflicts between the 2 partners reached an impasse, stalling the project and requiring the lender– a distribute consisting of RBC, TD Bank, BMO, and Scotiabank– to step in.That case concluded last year with Peterson purchasing out Develop Properties. According to court documents pre-buyout, Peterson’s equity in the project amounted to$35,292,000, while Produce Properties’equity amounted to$33,908,000, translating to a 51%and 49%ownership split. Post-buyout documents noted that Peterson had participated in a new lender agreement with the lending institution syndicate for a $207 million land loan facility that likewise included a$19 million pre-development loan center and a$ 13 million letter of credit facility.The Revised Plan Considering that the job exited creditor protection, the City of Burnaby has actually embraced a brand-new height-based development framework that specifies advancement capacity by storeys rather than by complex flooring space ratio estimations. Then, in December 2025, the City embraced its new Burnaby 2050 Official Neighborhood Plan.Translated to the height-based advancement structure, the previously-approved master strategy was for 355 storeys throughout 22 buildings, amounting to around 4,750 domestic systems. The upgraded rezoning application now includes 446 storeys throughout 21 structures, totalling to an approximated 5,250 residential units.”While the revised concept exceeds the height provisions of the Bainbridge Urban Town Community Plan, it remains generally constant with the plan’s style guidelines, and no modifications are required since the upgraded OCP now supersedes the Bainbridge Urban Village Neighborhood
Strategy,” stated City staff in a current planning report.” The modified Master Plan continues to promote the overarching vision established under the previously authorized Master Plan, concentrated on creating an available, amenity-rich mixed-use destination on transit that functions as the main hub of the Bainbridge Urban Village,” personnel added. “This vision highlights a human-scale, fine-grained metropolitan village where people and households can develop roots.”Notably, a formerly prepared tower, Building M, has actually been removed and will instead end up being open space for the neighborhood. The new height-based framework results in more developable height and Peterson is dispersing the extra height across numerous buildings, without any building receiving more than 10 additional storeys. Structure height changes from the previous master strategy apllcation. (Peterson )As a result of these modifications, the 21 structures range from 13 floors to 30 floors, with a site-wide average height of around 20 storeys;
the taller structures lie on the western side of the site, closer to the SkyTrain station. This technique “supplies deliberate height variation, avoids an uniform skyline, and allows height to be concentrated where it best supports metropolitan style, placemaking, and public-realm goals,”stated City staff.Phase One The phasing plan for Blake Town remains the same, nevertheless new details are now available.Build out is split into 5 major phases, starting with Stage One at the northeast corner of the site(which shares a limit with the Burnaby Lake Heights master-planned task Produce Properties is
carrying out on its own.)This first stage is divided into two sub-phases, with each of Phase 1A and 1B including 3 structures. Site-specific rezoning applications were formerly advanced for both 1A and 1B, with 1A getting 3rd reading( conditional approval )in July 2024 and 1B receiving 2nd reading in August 2024. A summary of Blake Town and the phasing strategy.(Peterson)Peterson had actually also sent a rezoning application for Phase 2A in June 2024, however all 3 site-specific rezoning applications were “stopped briefly due to the viability obstacles of providing the formerly authorized density into a challenged market, whilst likewise attempting to integrate brand-new regional and community advancement charges presented in 2024,”said staff.New site-specific rezoning applications will be needed and will also need to line up with the abovementioned policy modifications, along with other changes such as new ACCs. According to the City, Peterson submitted a brand-new application for Phase 1A– 416 strata systems and 87 rentals– last year, and was approved 3rd reading in December.The City states Phase 1A was advanced ahead of this revised master strategy application” to accelerate early real estate delivery “and Stage 1B may likewise advance before the revised master strategy application is adopted, however all staying phases will not proceed until after the revised master plan application has actually received last adoption.The real estate will be a yet-to-be-finalized mix of market leasing, non-market leasing, and strata systems, and additional open area will be offered in response to the additional amount of density permitted under the revised master plan application. The quantity of open area has now been increased to 167,917 sq. ft. As part of the task, surrounding roadways will also be upgraded, and new internal roadways– named Cattail Crescent, Salmonberry
Opportunity, Blackbird Boulevard– will be built.< img alt="" height= "688"src="// www.w3.org/2000/svg'%20viewBox='0%200%20762%20688'%3E%3C/svg%3E"width ="762"/ > An introduction of Blake Town and planned open area. (Peterson)Business uses– retail area, cafés, dining establishments, and office space– are planned along Lougheed Highway, Winston Street, and the new internal streets, to serve the neighbourhood and transit users travelling through. Childcare centers are likewise proposed as part of Phase 1A(Building G), Phase 3A (Structure A
), and Stage 4(Structure L), with prospective additions as each phase progresses.Site preparation has currently begun at 6800 Lougheed Highway, Peterson tells STOREYS, with work on clearing the site recently commencing. Instead of a traditional demolition, nevertheless, the existing industrial structure– roughly 215,000 sq. feet– is being deconstructed, with nearly 500,000 pounds of Douglas Fir lumber, lumber, and glulam beams set for a new City Vancouver District Energy center that services Burnaby and Vancouver.