The transit authority announced Wednesday that the sale of the site on West 41st Avenue, east of Oak Street, had been finalized.
Operations at the Oakridge site had previously been moved over to the Hamilton and Burnaby Transit Centres in September, allowing the lot to be declared surplus land and put up for sale.
A total of $150 million from the Oakridge sale will go towards funding the pre-construction work for the Broadway Millennium Line extension and the Surrey-Newton-Guildford light rail projects. The remaining proceeds of the sale will fund other rapid transit projects outlined in the 10-Year Vision approved by the Mayors’ Council and TransLink’s board of directors earlier this year.
The Oakridge site, located at 949 West 41st Avenue, was the topic of community consultations before it was listed for sale. In late 2015, Vancouver City Council approved a policy statement that allows for the lot to be redeveloped as a primarily residential community. According to TransLink’s statement issued Wednesday, the city’s approval for residential redevelopment helped boost the land value of the lot.