TransLink breaks ground on first real estate development

TransLink and PCI Developments held a ceremonial groundbreaking Wednesday for the Broadway-Arbutus project, the transit authority’s first real estate development.

The 31-storey mixed-use building is under construction at the southeast corner of Broadway and Arbutus Street, across from the future Millennium Line Arbutus SkyTrain Station. It is scheduled for completion in 2029.

Plans call for 256 rental homes, including 47 below-market units, ground-floor retail, space for the Ohel Ya’akov Community Kollel and a public plaza integrated with the Arbutus Greenway and future station.

TransLink CEO Kevin Quinn said revenue from the development will be reinvested in transit as a non-tax source of funding. The agency says its program is modelled in part on transit agencies such as Hong Kong’s MTR: retaining valuable land near transit infrastructure and partnering with experienced developers rather than selling it.

TransLink also lists proposed developments in North Vancouver’s Moodyville neighbourhood along the R2 RapidBus route and Surrey’s Newton Town Centre.