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BURNABY, B.C. — The federal government, along with Baydo Group, has announced over $157 million in combined funding that will build 388 rental homes in Burnaby.

Located at 6616 and 6630 Telford Ave. in the Metrotown area of Burnaby, the project will be called Baydo Apartments and will include two towers.

According to a release, the towers will offer a “balanced mix of high-quality amenities that support active lifestyles, community engagement and connected urban living.”

Baydo Group includes an internal design team, a construction division and seven specialized trade companies.

“This vertically integrated structure allows Baydo to manage every stage of development, from the initial excavation to final project delivery,” the release adds.

The funding breakdown for the project is $115.1 million from the federal government, through the Apartment ��������ion Loan Program and $41.9 million from Baydo Group.

��������ion is expected to be complete in 2027.

Burnaby’s success in meeting its Housing Accelerator Fund commitments and exceeding housing unit targets was also highlighted in the release.

Through the program, the Burnaby Housing Authority was created and development approval processes and timelines have been greatly improved through modern approaches to zoning and municipal technological advances.

As such, Burnaby received their third payment of $10.8 million.