A $763 million low-interest loan from the federal government will finance construction of two large rental towers and make the development of three city blocks in Burnaby more viable, the developer says.

Construction on the first phase of Grosvenor’s Brentwood Block project, across from the Brentwood shopping mall and the Brentwood Town Centre SkyTrain station, is underway. It will include a 41-storey condo tower, a community centre, commercial space, and these two rental towers.

The rental towers, to be built with the loan, will contain almost 1,300 residences. One of the towers at 60 storeys will be the tallest all-rental building in western Canada.

The loan to Grosvenor is from the federal government’s $55 billion apartment-construction loan program, which was established to encourag

See Full Page