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

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

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This is an aerial view from Google Maps/Earth of the Oakridge Transit Centre located at 949 West 41st Avenue, east of Oak Street. The lot has been sold by TransLink to Intergulf-Modern Green Development Corp. for redevelopment into a residential community, at the price of $440 million, it was announced on Dec. 20, 2016. It is believed to be one of the largest real estate transaction in B.C.’s history.

This is an aerial view from Google Maps/Earth of the Oakridge Transit Centre located at 949 West 41st Avenue, east of Oak Street. The lot has been sold by TransLink to Intergulf-Modern Green Development Corp. for redevelopment into a residential community, at the price of $440 million, it was announced on Dec. 20, 2016. It is believed to be one of the largest real estate transaction in B.C.’s history. PHOTO BY SCREENGRAB

TransLink has sold its 13.8-acres Oakridge Transit Centre lot to a developer for $440 million, making it one of the largest real estate transactions in B.C.’s history.

The transit authority announced Wednesday that the sale of the site on West 41st Avenue, east of Oak Street, had been finalized. Intergulf-Modern Green Development Corp. was selected over 13 other interested buyers, and will pay $440 million to TransLink by 2022 in the structured transaction sale.

“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,” said TransLink board chair Don Rose in a statement.

Operations at the Oakridge site had previously been moved over to the Hamilton and Burnaby Transit Centres in September, allowing the lot to be declared surplus land and put up for sale.

A total of $150 million from the Oakridge sale will go towards funding the pre-construction work for the Broadway Millennium Line extension and the Surrey-Newton-Guildford light rail projects. The remaining proceeds of the sale will fund other rapid transit projects outlined in the 10-Year Vision approved by the Mayors’ Council and TransLink’s board of directors earlier this year.

The Oakridge site, located at 949 West 41st Avenue, was the topic of community consultations before it was listed for sale. In late 2015, Vancouver City Council approved a policy statement that allows for the lot to be redeveloped as a primarily residential community. According to TransLink’s statement issued Wednesday, the city’s approval for residential redevelopment helped boost the land value of the lot.

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