TransLink and PCI Developments have moved closer to developing a new multi-family project near the future Arbutus ]subway station on Vancouver’s west side.

Vancouver city council recently approved an application to rezone the mixed-used development site, which is located at West Broadway and Arbutus Street. The project is TransLink’s first real estate development.

Plans call for the redeveloped site to include:

• 30 storeys of mixed-use residential and commercial space;
• Street-level retail and over 200 rental homes with 20% rented at below-market rates and secured for moderate-income households; and,
• Community space that will house Ohel Ya’akov Community Kollel, a Jewish cultural, education, and neighbourhood centre.

Provincially-owned TransLink operates transit services in Southern B.C., including the SkyTrain network.

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 regional transit.

However, TransLink is still seeking a new sustainable funding model to ensure that transit services can expand as the population grows. The company faces large-scale budget cutbacks.

“TransLink’s real estate development program is part of our efforts to leave no stone unturned when it comes to generating new revenues,” said TransLink CEO Kevin Quinn in a news release. “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.”

PCI is a private Vancouver-based developer and investor. Tim Grant, PCI’s president, said the development builds on the company’s long-standing commitment to transit-oriented development that helps make urban communities more inclusive, livable and sustainable.

“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,” said Grant.

Rendering: TransLink