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.