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TransLink Sells Vancouver’s Oakridge Transit Centre Lands
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(Posted on Dec 21, 2016 at 07:34PM by Michelle Bogle)
Yesterday, TransLink announced the sale of the Oakridge Transit Centre lands – a 13.8-acre site located at West 41st Avenue – to Intergulf-Modern Green Development Corp. The structured transaction sale will amount to $440 million in payments to TransLink by 2022.
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This sale also ranks as one of the largest real estate transactions in all of British Columbia’s history. The property was publicly marketed to generate interest in the sale, which resulted in 14 competitive proposals from interested buyers. All underwent rigorous evaluations and Intergulf-Modern Green Development Corp. was chosen based on the benefit their offer presented TransLink and taxpayers.
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“This transaction is a tremendous benefit to taxpayers and is an example of how TransLink is using its resources to better serve customers across the region,†says Don Rose, Board Chair of TransLink in a press release.
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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 10-Year Vision.
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Before the property was marketed for sale, TransLink worked closely with the City of Vancouver in completing a policy statement that included community consultation. This consultation helped shape the land use, density, public benefits and development concepts of the Oakridge Transit Centre lands. The policy statement was unanimously approved by City of Vancouver Council in 2015. A strong real estate market and the certainty provided by the policy statement were key to maximizing the land value in this sale.Â
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To learn more about this monumental deal and how the future development of the Oakridge Transit Centre lands will impact Vancouver’s commercial real estate market, please contact our office to speak with an associate.
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