City of Vancouver and CP Rail announced today that CoV has purchased the 42-acre 9 km Arbutus Corridor for $55 M and will create a greenway to serve people on foot and on bikes.  Part of the agreement is a revenue split on lands if developed because they are not needed for the greenway.

CoV’s announcement is HERE.

Greenway from False Creek to Marpole

“The City’s historic purchase of the Arbutus railway is great news for Vancouver,” said Mayor Gregor Robertson. “Thanks to this landmark agreement, the City will be able to transform the area into an outstanding greenway and connect neighbourhoods from False Creek to Marpole. This is a once-in-a-generation opportunity, not unlike New York’s High Line and other international examples. City Council is looking forward to the next steps in this process and to working with the community to enhance the greenway for all users.”

Arbutus.1.png

According to the Globe and Mail:

The deal, announced at a news conference on Monday, will see the city pay CP Rail $55-million for the 11-kilometre piece of land. The city has also agreed to compensate the company for any increased value in the land if a future city council decides to develop the property.

Vancouver Mayor Gregor Robertson says the resulting green space will connect the city’s False Creek to the Fraser River for cyclists and foot traffic.

“This is a historic agreement and a once-in-a-generation opportunity for our city,” Mr. Robertson told a news conference alongside officials from CP Rail

“This is Vancouver’s chance to have a New York-style High Line.”

Further reporting HERE from Ted Field at Global news.