New Capstan Canada Line station in Richmond to be finalized following $28M transfer
Credit to Author: Stephanie Ip| Date: Tue, 17 Dec 2019 22:36:29 +0000
The construction of a new Canada Line station at Richmond’s Capstan Way is another stop closer to reality after the city recently transferred $28 million to TransLink.
The funding agreement was signed by the city and TransLink in 2012 and had both parties agreeing the new stop would be funded by the city of Richmond, with any shortfall being shouldered by the transit authority.
The city raised the funds from developers in north Richmond, who agreed to voluntarily contribute in exchange for extra density. While the city initially thought it would take until 2027 to collect the money, a total of about $33 million was collected by earlier this year.
A total of $3.5 million was transferred to TransLink in November 2017 and station design began in early 2018.
“This is an excellent example of how the city of Richmond works with developers and partners such as TransLink to build strong communities,” said Richmond Mayor Malcolm Brodie.
“Parks, trails, recreation facilities and even green spaces are often created by developers who are building higher density communities in urban areas. Now, through a shared vision and this precedent-setting agreement, we have an important transit location as well.”
The station will be located at No. 3, between Aberdeen and Bridgeport stations, and is expected to cost $29 million. Designs are now being finalized for the station and it is expected to open in mid-2022.
An estimated 6,000 residential units are being built in and around the Capstan Way area.
The construction of a new Canada Line station at Richmond’s Capstan Way, pictured, is another stop closer to reality after the city recently transferred $28 million to TransLink.
–with files from Jennifer Saltman