TransLink sells Oakridge Transit Centre lands for $440 million

Close to three city blocks of land in the middle of Vancouver has been sold by TransLink for $440 million.

The Oakridge Transit Centrelands at West 41st Avenue and Oak Street, which havebeen underutilized for many years, was sold toIntergulf-Modern Green Development Corp., TransLink announced Tuesday.

IntergulfDevelopment Group is a Vancouver-based company and Modern Green is a Chinese-based developer.

"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 TransLink chair Don Rose in a statement.

The 13.8-acre site is surrounded by homes on three sidesand 41st Avenue to the south. In 2015, Vancouver city council approved a policy statement for the site thatsupports redeveloping the lands with an emphasis onneighbourhood identity, green space, housing variety and mid-rise buildings.

The lands will still need to undergo a lengthy rezoning application.

TransLink says itwill receive payments from the sale of the land until 2022, whichwill help them fund its10-Year Vision for the future of rapid transit in the Lower Mainland.

"The proceeds from this property sale will provide additional regional funding for the Broadway and Surrey rapid transit projects," said TransLink CEOKevin Desmond in a statement.