October 22, 2012

First Station Square tower in Burnaby sells out in hours

The first tower at the Station Square redevelopment sold out in three-and-a-half hours Saturday.

Some of the 269 units had already been sold to family and friends of the developers over the last few weeks and the lineup for buyers for the remaining units started at 6:30 a.m. that day, according to Greg Zayadi, director of residential sales and marketing for Anthem Properties, which is developing the project with Beedie Living.

By 11:30 a.m., there were more than 100 people in the lineup, which didn’t let up until 2:30 p.m.

More than 1,000 people visited the presentation centre for the project on Saturday and more than 500 on Sunday.

Of the buyers, 40 per cent were from Burnaby, 37 per cent were from Vancouver and 12 per cent hailed from Richmond, Zayadi said. The rest were from other areas of Metro Vancouver and a handful were non-residents.

Most are “family investors” who are buying for themselves or to rent or give it to a family member.

The 35-storey first tower is being built on the northeast corner of the site, where Red Robin and Boston Pizza restaurants used to be. It’s scheduled for completion in the fall of 2015.

When the total 12-acre redevelopment project is completed, the mall site will be home to five residential towers ranging in size from 35 to 57 storeys with new office and retail spaces.