Keltic Lists Burnaby REVS Bowling Project for Sale
Vancouver-based real estate developer Keltic Canada Development Co. Ltd. has listed the well-known REVS Bowling site in Burnaby for sale, less than three years after buying the property.
Background and Acquisition
Keltic acquired the REVS Bowling property in early 2022. The 4.28-acre site, located near the Brentwood Town Centre area, was considered a significant redevelopment opportunity due to its proximity to transit and major urban centers in Metro Vancouver.
Planned Redevelopment
The company’s original plans reportedly included transforming the bowling site into a high-density mixed-use project featuring residential and commercial spaces. This plan aligned with Burnaby’s broader urban growth strategy encouraging densification near SkyTrain stations.
Market Context
The sale decision comes amid shifting market conditions in Metro Vancouver’s real estate sector, where high interest rates and construction costs have slowed several large-scale projects. Analysts suggest that developers are reassessing timelines and liquidity strategies to navigate tighter financial environments.
“The REVS property offers strong redevelopment potential given its location and scale,” one industry observer noted.
Current Listing Status
The listing details have not been publicly disclosed, but industry sources indicate that Keltic is exploring offers from other developers or investors interested in continuing the site’s transformation.
Author Summary
Keltic is selling the Burnaby REVS Bowling property only a few years after purchase, reflecting shifting market conditions and ongoing recalibration in Vancouver’s development sector.
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