TransLink has sold its 13.8-acre transit centre on West 41st Avenue to a consortium that includes Vancouver developer Intergulf and Beijing-based Modern Green Development Co. Ltd., which operates as Modern Investment Group, for $440 million.
Business in Vancouver reported this deal in October but TransLink would not confirm details at the time.
This sale ranks as one of the largest real estate transactions in B.C.’s history.
TransLink marketed the property publicly to generate interest in the sale and it received 14 bids, all of which underwent rigorous evaluation, according to the transit operator.
Ultimately, TransLink deemed that Intergulf-Modern Green Development Corp. would 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,” said Don Rose, who is the chair of TransLink’s board of directors.
BIV reported December 16 that TransLink had placed a $93 million order with Bombardier to provide 28 new SkyTrain cars that will start to arrive in 2018 and be in service by early 2019.
That was the first investment in the $2 billion Phase 1 of TransLink’s 10-year vision to improve transit service.
TransLink anticipated pumping $150 million from proceeds of the Oakridge transit centre sale toward that $2 billion plan. The remaining proceeds from its sale of the Oakridge transit centre will be reinvested back into property that TransLink needs to support projects identified in the vision, TransLink said.
Some projects expected to be part of Phase 1 of the 10-year vision include ongoing pre-construction work for the Broadway Millennium Line extension and the Surrey-Newton-Guildford light rail projects.
“The proceeds from this property sale will provide additional regional funding for the Broadway and Surrey rapid transit projects,” said TransLink CEO Kevin Desmond.
