Translink has sold its Oakridge bus barn for $440 M, which will become a one-time (but welcome) part of the financing of the Broadway and Surrey transit projects, among others in the Mayors’ 10-year Phase 1 Plan. Thanks to Glen Korstrom for the story in Business In Vancouver.
To me, this is the third largest parcel of land (13.8 acres) now heading for redevelopment in Vancouver, right after Jericho (92 acres when combined) and the Heather Street Lands (21 acres). And the $440M, which will arrive in various payments by 2022, is somewhat larger than the $150M Translink surplus land sales revenue forecast by the Mayors as “Local/Regional contribution” in their April 2016 funding strategy.
No matter what, this is great news, since transit can make vast improvements to regional mobility. Good for individuals, good for the economy, good for the environment too. And we edge closer to regional mobility pricing.
TransLink has sold its 13.8-acre transit centre on West 41st Avenue to a consortium that includes Vancouver developer Intergulf and Beijing-based Modern Green Development Co. Ltd., which operates as Modern Investment Group, for $440 million. . . . . . “The proceeds from this property sale will provide additional regional funding for the Broadway and Surrey rapid transit projects,” said TransLink CEO Kevin Desmond.
Further information from TransLink:
The recently adopted Phase One funding of the 10-Year Vision included $150 million from the anticipated sale of the Oakridge Transit Centre – a key element of the regional contribution, which allowed TransLink to access funding made available from the new Federal Public Transportation Fund (PTIF) and new Provincial funding. The Phase One plan funds ongoing pre-construction work for the Broadway Millennium Line extension and the Surrey-Newton-Guildford light rail projects. The remaining proceeds from the sale of Oakridge Transit Centre will be reinvested back into property needs required to support projects identified in the Vision.
And from Frances Bula in the Globe and Mail:
TransLink announced on Tuesday the six-hectare Oakridge Transit Centre has been sold . . . . for an amount triple what the agency estimated it could get for the land five years ago.
“At the end of the day, we’re extremely excited to be able to announce this,” said Derrick Cheung, TransLink’s vice-president of strategic sourcing and real estate….
……. Mr. Cheung said the prospect of the high sale price has allowed the agency to start buying properties for stations along the planned new rapid-transit lines in Vancouver and Surrey, and sites needed for the new Pattullo Bridge and a bus exchange.