Vancouver, B.C., to buy Arbutus Corridor from Canadian Pacific

Written by Mischa Wanek-Libman, editor
image description
A rendering of what the Arbutus Corridor will look like following efforts to make it a greenway.
city of Vancouver, B.C.

Canadian Pacific Railway and the city of Vancouver, British Columbia, Canada have agreed to terms for the sale by CP of the Arbutus Corridor to the city for CA$55 million (US$41.4 million).

 

“For many years now, CP has been involved in conversations with the city about the future of the Arbutus corridor,” said Keith Creel, CP’s president and chief operating officer. “We are pleased that [the] landmark agreement allows the city to create a transportation corridor and greenway while providing a fair return to CP and our shareholders.”

“Thanks to this landmark agreement, the city will be able to transform the area into an outstanding greenway and connect neighborhoods from False Creek to Marpole,” said Vancouver Mayor Gregor Robertson.

The agreement, which was more than four years in the making, also allows CP to share in future proceeds on the eventual development and/or sale of certain parcels of the corridor.

“CP has been an important part of Vancouver for 130 years, and while balancing the needs of industry against the desires of municipalities is not always easy, today’s agreement demonstrates that by working productively together we can accomplish great things to the benefit of all,” said Creel.

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