Selling transit centre now a $20-million waste: TransLink 0
TransLink mechanics work on buses and vehicles at the Oakridge Transit Centre at 949 W. 41st Ave in Vancouver, British Columbia, Wednesday February 27, 2013. (CARMINE MARINELLI/24 HOURS)
The sale of Oakridge Transit Centre was delayed, with TransLink saying selling it now would net millions less than waiting until 2016.
On Friday, in his annual report on TransLink’s base plan, commissioner Robert Irwin urged the transit provider last week to stop delaying the property sale or face fare hikes or service reductions.
He said the authority indicated it would make a potential $150 million from the sale if sold by the planned date, which has already been delayed by one year.
But TransLink vice-president Bob Paddon said on Tuesday the property, if sold now, would only net $130 million.
He said the transport authority is working with potential developers in preparing the site before a price can be determined.
“It’s prime location in the City of Vancouver. There will never be another site that large likely in the city … we’d really like to see when it comes time to sell that, that we get the best value for the taxpayer.”
The 5.61-hectare Oakridge site had served as a bus depot, a maintenance centre and also the headquarters of Coast Mountain Bus Company’s roadside repairs unit.
“Plans could change, we’ll give it consideration (again) next year,” Paddon said.