Real Estate Development Program moving forward to generate new transit revenues

TransLink and PCI Developments (PCI) are one step closer to building a new mixed-used development near the future Arbutus Station, at West Broadway and Arbutus. Vancouver City Council recently approved the project’s re-zoning application.

Once complete, revenues from the development will be invested into Metro Vancouver transit services. The goal of TransLink’s Real Estate Development Program is to generate a new long-term revenue stream for transit services in Metro Vancouver. However, TransLink is still seeking a new sustainable funding model to ensure transit services can expand as the population grows.

“TransLink’s Real Estate Development Program is part of our efforts to leave no stone unturned when it comes to generating new revenues,” says TransLink CEO Kevin Quinn. “I’m proud that this development will increase access to transit, generate much-needed revenue for transit services, and help increase the housing supply in our rapidly growing region.”

Located next to the future terminus of the Broadway Subway, an incoming bus loop, and the Arbutus Greenway mixed-use walking and cycling path — this will be TransLink’s first development under the Real Estate Development Program.

TransLink and PCI have formed a partnership to develop the land on the southeast corner of Arbutus and Broadway. The development will include:

• 30 storeys of mixed-use residential and commercial space
• Street-level retail and over 200 rental homes, 20 per cent of which will be rented at below-market rates and secured for moderate-income households
• Community space that will serve as the future home of the Ohel Ya’akov Community Kollel, a Jewish cultural, education, and neighbourhood centre

“With our project and community partners, including TransLink, PCI is dedicated to building more rental housing, including below-market rental, to proactively participate in addressing Metro Vancouver’s rental housing shortage,” says PCI Developments President Tim Grant. “This development builds on our company’s long-standing commitment to transit-oriented development, which helps to make urban communities more inclusive, livable and sustainable.”

As Metro Vancouver’s population continues to grow and demands on transportation and housing increase, transit-oriented communities are of increasing importance for people to be able to live and work in. This transit-oriented development will be in-line with the City of Vancouver’s Broadway Plan, the province of BC’s goals for increased density around transit hubs, while helping to achieve targets outlined in Transport 2050 and Metro 2050.

The next step for the project is to finalize development and building permits before construction, which is projected to begin in late 2025. TransLink and PCI are targeting 2029 for the development’s completion.