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TransLink has sold its 13.8-acre Oakridge Transit Center site in Vancouver, British Columbia, to Intergulf-Modern Green Development Corp.
The agency will receive 440 million Canadian dollars by 2022, TransLink officials said in a press release. Proceeds from the property sale will provide additional regional funding for rail rapid transit projects in the Vancouver area.
The funds will help match anticipated federal and provincial funding for the projects, said TransLink Chief Executive Officer Kevin Desmond.
The sale ranks as one of the largest real estate transactions in British Columbia's history, TransLink officials said.
The first phase of the recently adopted 10-year plan for transit and road improvements in the Vancouver area includes CA$150 million from the anticipated sale of the Oakridge Transit Center.
That phase will provide funding for pre-construction work of the Broadway extension of the SkyTrain Millennium Line, as well as Surrey-Newton-Guildford light-rail projects.