TransLink announces sale of Oakridge Transit Centre lands

December 20, 2016

VANCOUVER, BC – Today TransLink announces the completed sale of the Oakridge Transit Centre lands, the 13.8-acre (5.6 hectare) site on West 41st Avenue, to Intergulf-Modern Green Development Corp. The structured transaction sale will see payments to TransLink totalling $440 million by 2022.

This sale ranks as one of the largest real estate transactions in B.C.’s history. The property was publicly marketed to generate interest in the sale, resulting in competitive proposals from 14 potential buyers, all of which underwent rigorous evaluation. Ultimately, Intergulf-Modern Green Development Corp. was deemed to provide the best value for TransLink and taxpayers.

“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.

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 Vision.

“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.”

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.

“We are thrilled to have worked with TransLink on completing this deal. The Oakridge Transit lands provide a unique community building opportunity, one that we believe will serve as a model for future neighbourhoods,” says Shaadi Faris, Vice President of Intergulf Development Group. “We look forward to working with all stakeholders to make this vision a reality.”

The Oakridge Transit Centre site was declared surplus land and completed the transfer of its services to the modern and efficient Hamilton and Burnaby Transit Centres in September 2016.


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