Business in Vancouver has published an article about the Really Big Deal-The sale of the Oakridge Transit Centre located on 41st Avenue near Oak Street.
Frank O’Brien and Bob Mackin reveal that the sale price for the 5.6 hectare site was between $425 and $450 million dollars, the second most expensive land deal done in the province after the Jericho Lands. Despite the fact the land is public-owned, TransLink cannot talk about the deal due to the purchaser’s confidentiality requirements. It appears the buyer is Modern Green, who has been doing joint ventures in the province, including a residential project at UBC.
The Oakridge Transit Centre development lands have been approved for a density of approximately 1.26 million square feet of residential and retail, according to a 2015 City of Vancouver planning document. The proposed density is approximately 2.1 FSR (floor space ratio) over the entire site, or 2.5 FSR if a planned 2.3-acre park is not included in the calculation. The focus is on residential, with the city recommending that 20% of the homes be affordable housing.
“The majority of buildings will be mid-rise [six to 12 storeys]. The maximum height will be 15 storeys (or 150 feet), achievable in two identified locations,” said a staff report.
The city anticipates $73.5 million in development levies and community amenities.