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Translink has sold its Oakridge bus barn for $440 M, which will become a one-time (but welcome) part of the financing of the Broadway and Surrey transit projects, among others in the Mayors’ 10-year Phase 1 Plan. Thanks to Glen Korstrom for the story in Business In Vancouver.
To me, this is the third largest parcel of land (13.8 acres) now heading for redevelopment in Vancouver, right after Jericho (92 acres when combined) and the Heather Street Lands (21 acres). And the $440M, which will arrive in various payments by 2022, is somewhat larger than the $150M Translink surplus land sales revenue forecast by the Mayors as “Local/Regional contribution” in their April 2016 funding strategy.
No matter what, this is great news, since transit can make vast improvements to regional mobility. Good for individuals, good for the economy, good for the environment too. And we edge closer to regional mobility pricing.
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. . . . . . “The proceeds from this property sale will provide additional regional funding for the Broadway and Surrey rapid transit projects,” said TransLink CEO Kevin Desmond.
Further information from 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.
And from Frances Bula in the Globe and Mail:
TransLink announced on Tuesday the six-hectare Oakridge Transit Centre has been sold . . . . for an amount triple what the agency estimated it could get for the land five years ago.
“At the end of the day, we’re extremely excited to be able to announce this,” said Derrick Cheung, TransLink’s vice-president of strategic sourcing and real estate….
……. Mr. Cheung said the prospect of the high sale price has allowed the agency to start buying properties for stations along the planned new rapid-transit lines in Vancouver and Surrey, and sites needed for the new Pattullo Bridge and a bus exchange.
Hopefully whatever is developed there will have good transit.
There’s also Langara Gardens at 21 acres, the Pearson Dogwood lands which are 25 acres and the 15 acre Little Mountain site, all well on in the planning process, but none yet started. The Oakridge Centre site is 28 acres, and has been rezoned, but apparently is being redesigned and resubmitted. North East False Creek will see significant rezonings too, but is in several ownerships.
Cities and VSB ought to learn from UBC and SFU and never sell land, but only lease it.
Sustainability implies land leases and market oriented wages make sense to em
Great news all around. I predict the Broadway subway will attain 200K average daily ridership within three years, and 350K in 10.
A Broadway subway is very unlikely to achieve those numbers 200 k / day 7 hours / day at max capacity, and 350 k / day is 12 hours / day at max capacity.
Why is that ? 40,000 students, 20,000 residents and 10,000 employees at UBC alone. Add UEL’s Block F, Jericho Lands with 15,000+ people and densification along the whole corridor plus traffic jams and we will likely see massive use on this very congested east-west route. See KPMG report with additional spinoff business opportunities.
Even I would switch from the occasional wobbly bus use and mainly car use ( EVo, own car or Car2Go) to this. A train that connects to airport, Richmond, downtown and SkyTrain to Burnaby and Surrey would be used A LOT. It is a complete no-brainer.
You mention Block F regularly, as justification for a subway to your hood, but it will have only 2500 residents when complete. Also, if any of those new residents work and live at UBC that will reduce peak hour transit volumes, not increase them.
I do support a rapid transit line to UBC from Arbutus. It is just that as a society we need to make decisions on priorities, as choosing everything is the same as choosing nothing. There are other routes, including rail to the suburbs to the east, that should be higher up the priority list, IMO. The Mayor’s vision line to UBC in the 30 year timeframe. Let’s figure out how to make that 20 years, or less, and list the lines that should be built first.
The Mayor’s Vision has the completion of the line to UBC….
The arbutus line was not chosen because this area could not be increased in density.
Look at the changes that have occurred on the Cambie and the Burnaby line. Let us
look ahead 35 years. Many homes in kitsilano will be over 100 years old. These are low quality frame construction. This area will rebuild to at least three story apartments.
This happened in Europe more than 100 years ago with walkups. Vancouver think
ahead if you want some control over the density and appearance of your city.
By the way a new replacement sewer line is being installed on Point Grey Road.I
believe the carrying capacity is too small for 35 years from now. Larger pipes would
not have added much to the costs. Dont blame the workers they are very good.
“Low quality frame construction…” that used old growth Douglas fir framing, a far superior wood than today’s spruce or pine, and especially inferior products like OSB.
The best way to retain neighbourhood character is to retain character homes and veteran trees. Build around them, or move the structure to the edges of the property. New, appropriately-designed rowhouses and three or four-storey low rises that work around older heritage homes and trees can add greater diversity to the character of neighbourhoods.
Recycling of most materials from inferior existing structures in place of outright demolition will add to the cost of new homes unless the city allows the flexibility to add one or two additional units to spread out the additional cost and achieve a balance. This could work especially well in small to medium-sized developments where several lots are combined, or developed at one.
Many of us are calling on the city to re-examine RS-zoned districts with respect to the sheer waste of land frozen in front, side and rear yard setbacks (literally tens of km2) and 1.8 m height restrictions. This will allow heritage structures to be moved forward or to the side and allow extra room for new units on the site. Unique heritage trees in good shape should be preserved in place if feasible and the new structures (and construction zone) pulled back from the root zone. Compensatory planting for the loss of existing trees of poor to average quality can be evaluated and recommended by an arborist.
These are some of the ways to upzone, densify and recycle while maintaining character and heritage, and to address sustainability.
And to increase density gently and ensure a very dynamic and positive relationship between improved transit service and new development within 500 m of stations.
Translink is excited because this sale allows them to START buying properties for the Broadway and Surrey lines?!
Maybe they should have been a little more forward thinking and bought them 10 years ago and were less than half the cost. It’s not like the Broadway line was a secret.
And it’s not like they knew prices would increase by 500% in those 10 years. Criticism by afterthought is too easy. Forethought and mindfulness is hard.
And even if they had known they wouldn’t have been able to convince anyone else to give them the money when it could have been spent on more immediate needs…
Oh, so it is not like they could surmise from past data that Vancouver real estate prices show a steady upward price trend over the decades?
The trend here has been anything but steady. But point taken about a general average.
Umm, Bob… They could have sold the transit yard almost ten years ago too. And they would have gotten less than half for it.