TransLink branching into real estate development

TransLink branching into real estate development

TransLink branching into real estate development Transit authority's new business aims to capture the added value transit expansion brings to land and property TransLink is getting into the lucrative real estate development business with an eye to building for-profit residential, commercial and mixed-use developments near transit amenities. CEO Kevin Quinn said the drop in ridership and revenue during the COVID-19 pandemic has made the public transit provider realize it needs to diversify how it generates additional revenue that doesn't rely on taxation. During the COVID-19 pandemic, TransLink received government subsidies of $676 million. "While we continue to bring riders back to the system after a very difficult two years, this initiative is a creative way to generate funding for essential Metro Vancouver transit services," said Quinn. According to Gordon Price, …
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