COQUITLAM, B.C. — Anthem Properties has purchased a Coquitlam, B.C. townhome complex and plans to redevelop the site.
The property, at 585 Austin Ave., was purchased after the BC Supreme Court approved the sale of the original strata-titled townhome complex earlier this year.
This is the second strata-titled property transaction since Bill 40 became law in July 2016.
"Prior to 2016, the law required 100 per cent of the owners to vote to dissolve their strata," says Steve Forrest, vice-president, acquisitions and development at Anthem in a press release. "Bill 40 lowered that threshold to 80 per cent, making it possible for the vast majority of owners to complete a sale. The process was long but it was fair, and even though we had to increase the price to match the growing market over that time, we are happy with the outcome."
Anthem is now asking the city to have the area rezoned so it can redevelop the property. If plans go ahead, the aging 58-unit condominium complex will be replaced by two buildings.
The 23 and 28 storey concrete structures, named Wynwood Green, include 379 homes bordered by the Vancouver Golf Club and Brookmere Park and 500 metres from the Evergreen SkyTrain extension.
The project team is aiming to have construction to begin next summer.