With fewer people taking transit, Vancouver's TransLink gets into the real estate business
Metro Vancouver's public transit provider has big expansion plans and a cash flow problem, so it's decided to get into the real estate business.
TransLink's ridership hasn't bounced back since the sudden dip prompted by the spread of COVID-19, and the company estimates that it'll be dealing with the effects of the pandemic for years to come.
Last month, the organization told CTV News that the uncertainty about its financial future had it looking for long-term solutions.
It appeared TransLink could not just rely on commuters paying for trips to and from work to make enough money to fund its expansion plans. Fuel taxes and the price of gas too are impacting its revenue stream.
On Thursday, the company outlined one of those new plans: a real estate program.
Endorsed by both TransLink's board and the regional Mayors' Council, TransLink is getting in to the development business, planning to build new residential, commercial and mixed-use buildings near transit hubs.
To do this, it will be working with both the public and private sectors, the company said.
CEO Kevin Quinn called it a "creative way" to bring in money, though he admitted more ideas are needed.
"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," he said in a statement.
The company said the idea was taken from transit systems that also own real estate in Hong Kong, London and Paris.
CTVNews.ca Top Stories
More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Toxic testing standoff: Family leaves house over air quality
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
Decoy bear used to catch man who illegally killed a grizzly, B.C. conservation officers say
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
OPP responds to apparent video of officer supporting anti-Trudeau government protestors
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.
An emergency slide falls off a Delta Air Lines plane, forcing pilots to return to JFK in New York
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
Last letters of pioneering climber who died on Everest reveal dark side of mountaineering
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
Loud boom in Hamilton caused by propane tank, police say
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.