Developer plans to reshape major downtown corner
Following a surge of re-development surrounding the SkyTrain hubs in the downtown, a new developer is placing its bet on jumpstarting densification along the suburban strip malls at the heart of King George Boulevard.
Anthem Properties purchased a 10 acre site on King George and 102 Ave – currently home to the Save-On-Foods, Canadian Tire and A&W – in late 2015 for $62.5 million and is preparing to transform the huge property into a master-planned mixed-use community.
According to their website, Anthem plans to build 7 new towers on the site, and have already begun early preparations for a development proposal for the first 30-storey tower.
Based on existing zoning, the western half of the site can accommodate towers up to 38 storeys, while the eastern half is only allowed towers of 20 storeys.
Anthem is the developer behind the Station Square project in Burnaby, which redeveloped one of Metrotown’s more derelict malls into a mixed-use, five tower community featuring some of the region’s tallest high rise buildings at between 35 and 57 storeys in height.
The downtown Surrey project seemingly borrows much from the Station Square example, with similarly sized properties and mixed-use development concepts.
This is the most recent example of a large developer moving into downtown Surrey. It follows on the heels of Bosa’s major purchase of lands north of City Hall, as well as Concord Pacific’s strategic acquisition of lands near King George SkyTrain. Both developers have continued their investments in the downtown, with Bosa’s first tower – University District – and Concord’s Park Avenue both nearing completion.