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Metro Vancouver Developers Paying for Transit Stations
Staff | NAIOP

 

The Tower Bridge links Sacramento with West Sacramento. imging / Shutterstock.com

Recognizing the economic benefits of transit, Metro Vancouver developers are paying millions of dollars to upgrade old stations and even help pay for new ones, reports Frank O’Brien in a┬áBusiness in Vancouver article. TransLink, the metro area’s regional transportation authority, “is hoping to leverage that trend on 30 locations across its Skytrain, Canada Line and Evergreen lines by tapping into developers and recruiting retailers.”

 

“At the Marine Gateway station, for instance, developer PCI Group paid [CA]$2.5 million for access and safety improvements to the existing Canada Line station before it began construction of its five-story mixed-used complex that will soon surround it.”

 

In another example, “a unique funding arrangement between the province, the city of Coquitlam, Morguard Real Estate Investment Trust, which owns Coquitlam Centre Mall, and residential developers was used to cover the [CA]$28 million cost of an extra stop, the Lincoln Station, on the Evergreen Line, which completes in 2016.”

 

The article cites a 2012 JLL study of office buildings near Metro Vancouver transit stations, which found that “even Class C buildings located within 500 metres of a Skytrain or Canada Line station outperformed Class A buildings further away.”