Following the Millennium line extension, which should go all the way to UBC from day one, the next major transit project should be to get the City of Vancouver's downtown streetcar system up and running.
All of this is already planned.
Phase 0 - Modern streetcar infrastructure built from Granville Island to Mainstreet-Science World Skytrain station. This is happening as part of the Southeast False Creek athlete's village build out.
Phase 1 - Extend from Mainstreet-Science World Skytrain to Waterfront Station.
Phase 2 - Extend from Waterfront stn to Stanley Park
Phase 2.5 - Spurline from Mainstreet-Science World into Yaletown along Pacific Blvd.
All of this is on the books, Phases 0 - 2 have already been approved by Council, pending funding and agreement from Translink, which is dragging its heels.
Phase 3 should be to extend the streetcar line up along the Arbutus Corridor, down along the CPR right of way along marine drive, connecting the East Fraserlands development in the process, and terminating at New Westminster Quay.
This would provide a critical east-west link along the Fraser River and connect the Canada Line to the Expo-Millennium line without the need to basically go downtown to Broadway to cross over.
As far as building up the regional mass transport network this would fill a gaping whole. Also, because there is so little population density along Marine Drive, save for the 10K people that the East Fraser Lands development will have upon build out in a decade, the route connecting the Canada Line to the Expo/Millennium Line would be quite quick, think B-Line without traffic.
Also, compared to the other mode of mass transit, the street car network would be cheap. As far as cost-benefit ratios go and neighbourhood friendliness to mass transit infrastructure, the streetcar cannot be beat.
Image c/o City of Vancouver
http://www.city.vancouver.bc.ca/engsvcs/transport/streetcar/index.htm
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