The City of Burnaby placed a bid in an insolvency process and closed on the purchase of sale of 4330 Kingsway.
The 350,000-square-foot complex, which includes two towers (19-storeys and 10-storeys), had gone into receivership and was purchased well below-market value by the City for $65 million. The 2024 assessed value of the property is $87.7 million.
The purchase is funded through the City’s Corporate & Tax Sale Land Reserve Fund.
City staff will prepare a report for City Council outlining potential uses for the new property.