Concert Properties Ltd. is close to closing a deal with TransLink for a three-acre site on Quebec Street at East 1st Avenue in Vancouver.

Adjacent to the Olympic Village on False Creek, the site was released to the market last year as part of the sale of several surplus properties TransLink is selling to garner funds for a revolving land account that the transit authority will use to acquire properties for development.

Concert was unable to say more regarding the pending acquisition. The deal would give it a prime piece of property in an area where Wall Financial Corp., Pinnacle International and Onni, among other developers, are active.

The deal, and one for three acres adjacent to Brighouse Station in Richmond, will likely close by year’s end, said Phil Christie, vice-president, real estate, for TransLink. A site released at King Edward Station in Vancouver is also on the market, but Christie said bids are under review and no offers have gone firm.

Christie said that proceeds from the sales will fund the development of a 300-bus transit centre located on Tree Island in Richmond, a site TransLink acquired last year for more than $20 million.

The deal on Quebec Street will also enable TransLink to acquire a site in Vancouver for its new small-fleet centre, part of which operates at the old Oakridge bus barns.

“We’ve got a great deal on that, and that frees up a lot of money to pay for the new facility,” Christie said of the pending Quebec Street transaction.

Relocation of its community shuttle fleet and other small vehicles at a new location will in turn allow TransLink to sell the old Oakridge site.

Source: Business in Vancouver
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