TransLink announced today (December 20) that it has completed the sale of the Oakridge Transit Centre lands in what constitutes one of the biggest real-estate transactions in B.C. history.
The regional transportation authority sold the 5.6-hectare (13.8-acre) site on West 41st Avenue to Intergulf-Modern Green Development Corp. Payments to TransLink will total $440 million by 2022.
Prior to marketing the property for sale, TransLink and the City of Vancouver completed a policy statement that included community consultation. The statement was approved by city council in 2015.
After the property was publicly marketed, 14 potential buyers submitted proposals, all of which were evaluated before Intergulf-Modern Green Development Corp. was chosen.
On November 24, the Mayors' Council and TransLink's board of directors approved Phase One of the 10-Year Vision, a plan for $2 billion to be invested in transit and road improvements.
Phase One included $150 million from the anticipated sale of the transit centre.
The Phase One plan funds pre-construction work for the Broadway Millennium Line and the Surrey-Newton-Guilford light-rail projects.
Remaining proceeds from the sale will fund projects identified in the 10-year plan.
“The proceeds from this property sale will provide additional regional funding for the Broadway and Surrey rapid transit projects,” TransLink CEO Kevin Desmond stated in a news release. “It helps maintain momentum of the 10-year Vision and will provide additional regional resources to help match anticipated federal and provincial funding to support the projects identified in the Vision.”
In September, TransLink transferred services at the Oakridge Transit Centre to the new Hamilton (in Richmond) and Burnaby transit centres and declared the site surplus land.