On July 11, 2022, the Community Land Trust of British Columbia (“CLT”), in partnership with the City of Burnaby (the “City”) and Province of British Columbia (the “Province”), announced its acquisition of property and three co-operative housing buildings from the Operating Engineers’ Pension Plan (“OEPP”), comprising of a total of 425 units, located at 9380 and 9390 Cardston Crt. and 4221 Mayberry St. Post 83 Co-operative Housing Association and 115 Place Co-operative Housing Association will continue to manage the buildings, as they have since 1980.
The Province, through BC Housing, provided approximately $132.6 million, including $22.5 million for renovations and closing costs, to the CLT to finance the purchase. The City contributed $29.8 million toward the purchase. Through this contribution, the City will own the Mayberry Street property and will lease it to the CLT for a nominal fee for 60 years.
Established in 1993 by the Co-operative Housing Federation of BC, the CLT is a social-purpose, non-profit organization that fosters diverse and sustainable communities and initiatives for today and tomorrow. The CLT acquires, develops and stewards co-ops and community-led housing and spaces.
Miller Thomson advised CLT in the transaction with a team comprised of Mike Walker, Adam Thompson and Julia Thielmann (Real Estate); Susan Manwaring and Sarah Fitzpatrick (Social Impact); and Valerie Zeng and Shaina Forber (Real Estate Paralegals).
