TransLink has officially started construction on its first for-profit building development project, marking a major milestone for the public transit authority’s real estate strategy aimed at generating a new, additional long-term revenue source for Metro Vancouver’s public transit system. A groundbreaking ceremony was held this morning at the site of 2096 West Broadway and 2560-2576 Arbutus St. in Vancouver’s Kitsilano neighbourhood. Rather than simply selling land it owns near public transit hubs, the public transit authority intends to retain a long-term financial interest in properties that are redeveloped with private developers. “Some of the world’s most successful transit agencies have shown what is possible when transit development and community building go hand in hand. To date, three other TransLink for-profit development projects are publicly known, but they are all still in the early proposal stages.