TransLink sells Oakridge Transit Centre lands for $440M

TransLink sells Oakridge real estate for $440M A roughly 14-acre TransLink property near 41st Avenue and Oak Street has been sold to a developer for $440 million.

TransLink has sold the Oakridge Transit Centre lands, a large parcel of west side Vancouver real estate, to a developer for $440-million.

The corporation deemed the land on West 41st Avenue near Oak Street surplus after the Vancouver Transit Centre opened in 2006 south of Marine Drive.

According to TransLink, 14 potential buyers submitted proposals for the 13.8-acres of land and ultimately Intergulf-Modern Green Development Corp. won the process.

“The Oakridge Transit lands provide a unique community building opportunity, one that we believe will serve as a model for future neighbourhoods,” said Shaadi Faris, vice-president of Intergulf Development Group. “We look forward to working with all stakeholders to make this vision a reality.”

A City of Vancouver policy statement for the site calls for 1,200 homes to be built there, including 35 per cent designed for families with children, and 240 affordable housing units.

The city would also like to see a new two-acre public park, a childcare facility and new retail businesses on West 41st Avenue.

The policy statement calls for a variety of building types including townhomes, five-eight storey mid-rise buildings, and towers up to 15-storeys along the south side of the site.

Now that the sale has gone through, the developer will need to submit a rezoning application.

That process is expected to take 12-18 months, will include public consultation, and is subject to approval by city council.

TransLink says it will receive structured payments for the sale with the total amount due by 2022.

“The proceeds from this property sale will provide additional regional funding for the Broadway and Surrey rapid transit projects,” says Kevin Desmond, CEO of TransLink.

“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.”