TransLink has found a buyer for the Oakridge Transit Centre lands.
Derrick Cheung, TransLink vice-president of strategic sourcing and real estate, did not respond to BIV, but referred queries to the transit authority’s communications department.
In July, spokesman Chris Bryan would neither confirm nor deny the sale to Intergulf. “We are currently working through the required contracts and approvals,” Bryan said. “Any disclosure at this time would undermine the integrity of the process.”
On September 22, spokeswoman Cheryl Ziola issued a prepared statement that said, “At this time, TransLink is bound by confidentiality provisions and is unable to provide further detail as to who the prospective buyer[s] is [are] or the contemplated transaction particulars.”
Intergulf vice-president of acquisitions Ron Sydor declined to comment in July. On September 22, president Hareesh Sara paused when contacted by BIV and said: “If you want to have an interview, maybe you should book something.”
The company’s nearest project is Empire at QE Park, a trio of six-storey buildings between 29th and 30th avenues on Cambie.
TransLink’s sale of the 13.8-acre Oakridge Transit Centre property was deferred from 2013 to 2016 in a bid to gain a higher price. City council decided last December that the land would have a maximum 1.265 million square feet of built space.
“The majority of buildings will be mid-rise (6-12 storeys).The maximum height will be 15 storeys (or 150 feet), achievable in two identified locations,” said a staff report.
At least 2.3 acres of park and open space are expected in the development and the city anticipates $73.5 million in development levies and community amenities.
The property is near the 28.3-acre Oakridge Centre, where the land alone is worth $471.24 million. Owner Ivanhoe Cambridge gained conditional city council approval in 2014 to build 11 residential towers on the site.
TransLink’s quarterly board meeting is Friday, a week after the Mayors’ Council voted in principle for fare and property tax hikes and to sell surplus land in order to fund the first phase of regional transit expansion.
