A unique model for transit funding has been approved along the Canada Line in Vancouver.

The Onni Group — a real estate development company — will be paying for a new stop at Cambie Street and 57th Avenue, according to Vancouver Coun. Geoff Meggs.

"The area will be significantly transformed as a result of investments that flow from this," said Meggs Wednesday.

Onni will develop a parcel of land about 10 hectares in size, currently the site of the Pearson Centre, a residential care facility, and the Dogwood Lodge, a seniors complex. Vancouver Coastal Health currently owns part of the land, and operates the two facilities.

The 10-year plan for the site includes a number of residential condo towers up to 28 floors in height, which will include a mix of market and rental housing. It also includes a new YMCA facility, a 69-space childcare centre, a new residential care home, a community health centre and a park.

The Pearson Dogwood lands at Cambie Street and 57th Avenue in Vancouver will be redeveloped with a new Canada Line station. (City of Vancouver)

Meggs says it's unique for a developer to pay for a transit station, but highly beneficial for Onni in this case, as the entire development will become more desirable because of the new stop.

He points to other gaps along the Canada Line — at Cambie Street and 33rd Avenue for instance — where additional stations stops would be useful.

"It's one way to make sure more people can live in the city without having to really go after proposed development in neighbourhoods."

Google Maps: Cambie Street and 57th Avenue, Vancouver