Canadian Pacific Railway Ltd. and the City of Vancouver have jointly agreed to terms for the sale by CP of the Arbutus Corridor to the city for $55-million. The Arbutus rail corridor, in the Kerrisdale neighbourhood of Vancouver, is no longer in use.
The agreement also allows CP to share in future proceeds on the eventual development and/or sale of certain parcels of the rail corridor.
“For many years now, CP has been involved in conversations with the city about the future of the Arbutus Corridor. We are pleased that today’s landmark agreement allows the city to create a transportation corridor and greenway while providing a fair return to CP and our shareholders,” said Keith Creel, CP’s president and chief operating officer.
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