Close to three city blocks of land in the middle of Vancouver has been sold by TransLink for $440 million.

The Oakridge Transit Centre lands at West 41st Avenue and Oak Street, which have been underutilized for many years, was sold to Intergulf-Modern Green Development Corp., TransLink announced Tuesday.

Intergulf Development Group is a Vancouver-based company and Modern Green is a Chinese-based developer.

"This transaction is a tremendous benefit to taxpayers, and is an example of how TransLink is using its resources to better serve customers across the region," said TransLink chair Don Rose in a statement.

The 13.8-acre site is surrounded by homes on three sides and 41st Avenue to the south. In 2015, Vancouver city council approved a policy statement for the site that supports redeveloping the lands with an emphasis on neighbourhood identity, green space, housing variety and mid-rise buildings.

The lands will still need to undergo a lengthy rezoning application.

TransLink says it will receive payments from the sale of the land until 2022, which will help them fund its 10-Year Vision for the future of rapid transit in the Lower Mainland.

"The proceeds from this property sale will provide additional regional funding for the Broadway and Surrey rapid transit projects," said TransLink CEO Kevin Desmond in a statement.