TransLink completes sale of Oakridge Transit Centre lands for $440 million

Fourteen acres of prime Vancouver real estate sold to developer to help pay for better transit and transportation

Translink has completed the sale of the Oakridge Transit Centre lands in Vancouver to a developer for $440 million.

In a news release Tuesday, the transit authority billed it as “one of the largest real estate transactions in B.C.’s history.”

The 13.8-acre site at West 41 Avenue and Oak Street was sold to Intergulf-Modern Green Development.  Payments are to be completed by 2022.

The funds will help TransLink pay its share of the $2-billion first phase of the Metro Vancouver mayors’ 10-year plan to improve regional transit with more buses, SkyTrains and West Coast Express cars.

“The proceeds from this property sale will provide additional regional funding for the Broadway and Surrey rapid transit projects,” said TransLink CEO Kevin Desmond. “It helps maintain momentum of the 10-year vision and will provide additional regional resources to help match anticipated federal and provincial funding.”

Operations were moved from Oakridge to the Hamilton and Burnaby transit centres in September.

Just Posted

Surrey mayor dissolves public safety committee, creates one for police transition

Locke slams the move, saying who McCallum appoints to the committee will be ‘a very large tell’

Surrey lotto winner plans to spoil his kids

Attila Kelemen won $500K in the Daily Grand draw, held on July 8

Uphill battle for Cloverdale cyclist, 64, and her daughters in Cypress Challenge charity ride

Robyn Wells has lost both of her parents and two uncles to pancreatic cancer

South Surrey mom optimistic changes ahead for recovery homes

Maggie Plett met with Min. Judy Darcy Thursday

‘Bad choices make good stories’: Margaret Trudeau brings her show to Just for Laughs

Trudeau says over the decades she has been suicidal, manic, depressed

UPDATE: Youth seen with gun at Nanaimo mall, suspect now in custody

Woodgrove Centre shut down during police incident

B.C. man dies from rabies after contact with Vancouver Island bat

Last known case of human rabies in B.C. was 16 years ago

Crown recommends up to two-year jail term for former Bountiful leader

Crown says sentence range should be 18 months to two years for Bountiful child removal case

B.C.-wide police efforts identify Vancouver Island robbery suspect

Warrant issued for arrest of North Vancouver man for TD Bank robbery

VIDEO: Wolf spotted swimming ashore on northern Vancouver Island

Island wolf population estimated at under 150 in 2008, says VI-Wilds

Diversity a Canadian strength, Trudeau says of Trump tweets at congresswomen

Trudeau avoided using Trump’s name when he was asked about the president’s Twitter comments

Garneau ‘disappointed’ in airlines’ move against new passenger bill of rights

New rules codified compensation for lost luggage, overbooked flights

Mercury tops out on top of the world: Alert in Nunavut warmer than Victoria

It’s the latest anomaly in what’s been a long, hot summer across the Arctic

Most Read