Larco Investments Ltd. has withdrawn from a $136 million deal to purchase industrial land in Burnaby, leaving the 18.5-acre property available for other options. The original plan was to construct a new film studio. The city speculates that rising construction costs may have influenced Larco’s decision. Since the sale was conditional and never reached rezoning, it won’t impact Burnaby’s finances.

Mayor Mike Hurley seeks to explore the property’s future use, considering environmental preservation and recreational opportunities. With about 11 acres usable due to a creek, options include park development or alternative industrial uses. Suggestions include a compost processing facility, though details remain undecided. Staff will assess the situation and present recommendations to the council later on.