Program will generate new long-term transit revenue and increase access to transit

We’ve commenced work on a new real estate program to generate long-term revenue through development.

Through this new Real Estate Development Program, which has been endorsed by the Mayors’ Council and TransLink Board, we intend to build residential, commercial, or mixed-use developments near transit through partnerships with both the public and private sectors.

It is all part of our efforts to identify new ways to fund essential regional transit services.

“While we continue to bring riders back to the system after a very difficult two years, this initiative is a creative way to generate funding for essential Metro Vancouver transit services,” says TransLink CEO Kevin Quinn.

This is more important than ever, in light of reduced ridership revenue over the past two years, and declining revenues from fuel taxes.

“We will still need to identify more long-term funding solutions,” says Kevin, “but this program will improve people’s access to transit, create more transit-oriented communities and generate new long-term revenue to help us improve and expand our system.”

Gigi Chen-Kuo, TransLink’s Chief Operating Officer who oversees the Real Estate division, adds, “This program will also improve people’s access to transit by building more homes and enhancing customer amenities and public spaces near transit hubs.”

“By developing near transit, TransLink will be helping to create transit-oriented lifestyles and communities throughout Metro Vancouver.”

To achieve this, we’ll apply best practices from other transit agencies around the world who have successfully pursued similar real estate development programs, such as transit authorities in Hong Kong, London, and Paris.

Any potential development project would be accompanied by comprehensive analysis, including an assessment of how the project will enhance transit access, build long-term transit ridership, and support the Regional Growth Strategy. We look forward to engaging with municipalities and all relevant governing bodies to achieve critical regional goals.

More information on the Real Estate Development program will be provided as this work progresses.