Vancouver Mayor Gregor Robertson has announced that city has bought the Arbutus Corridor for $55 million.
He says the 42 acres will be used as a greenway, but Robertson says there is the possibility of light passenger rail in the future, shared with the greenway.
Robertson says Canadian Pacific has agreed to start removing rails within a year.
He adds $3 million will be used to set up a project team to gain public input on the project.
One issue will be community gardens that popped up along the 11-kilometre right of way.
Roberston says the future of gardens will be a part of the public consultation.
The mayor estimates it will cost $25 to $30 million to turn the rail right of way into a greenway.
The city and the railway have been in negotiations of the future of the rail line that runs through some of the most valuable property in North America.
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Talks intensified when Canadian Pacific indicated it wanted to restore the line that had not been used since 2001.
In 2014, Canadian Pacific crews started clearing away community gardens in preparation for train traffic.