TRANSLINK announced on Thursday that it has commenced work on a new real estate program to generate long-term revenue through development, as endorsed by the Mayors’ Council and TransLink Board.
TransLink intends to build residential, commercial, or mixed-use developments near transit through partnerships with both the public and private sectors.
TransLink said that this Real Estate Development program is part of its efforts to identify new ways to fund essential regional transit services. This is more important than ever, in light of reduced ridership revenue over the past two years, and declining revenues from fuel taxes.
The program is also aligned with the Province’s and local governments’ goal of increasing housing supply and creating more transit-oriented communities.
“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.
“We will still need to identify more long-term funding solutions, 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.”
TransLink will 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. TransLink said it looks forward to engaging with municipalities and all relevant governing bodies to achieve critical regional goals.
Work to further develop this program is underway with the support of the Mayors’ Council and TransLink Board of Directors. More information will be provided as this work progresses.
TransLink said it continues to work with the Mayors’ Council and the Government of British Columbia to identify other new sources of long-term sustainable revenue.
TransLink Real Estate Webpage