Vancouver-based developer Concord Pacific has purchased one of the most coveted development sites in Vancouver, the St. Paul’s Hospital property on Burrard Street, for nearly $1 billion.
The 6.6-acre property at 1081 Burrard St., has been on the market for more than a year, the subject of a “rigorous sale process” as the hospital itself plans for a multi-billion-dollar move to a new location and facility.
“We are honored to be selected as the successful purchaser of the current St. Paul’s Hospital site,” said Terry Hui, the president and CEO of Concord Pacific, in a release announcing the transaction. “Concord Pacific has created many unique urban master-planned communities across Canada.
“Vancouver is our home and it will always be the most resilient and desirable city to live.”
Providence Health Care, which operates the site and the hospital, says the money generated from the sale will be put back into health care and the new St. Paul’s Hospital at the Jim Pattison Medical Centre. The new hospital is scheduled to be fully operational in 2026.
The investment represents the largest non-governmental contribution to a capital health care project in B.C,, and likely, Canada, according to Providence Health Care.
“We’re extremely pleased with this sale,” said Fiona Dalton, president and CEO of Providence, in the release.
“It is a unique achievement in Canada that enables us to invest in B.C.’s health care system while minimizing the cost to taxpayers and continues to build on our 126-year legacy of compassionate and innovative care, research and teaching.”
Concord Pacific to create development plan
Concord Pacific will now begin the process of preparing to develop the site and transitioning it from the hospital to a new, multi-use community. The site’s current zoning allows for both residential and commercial development.
Although not designated a heritage site, the original structures were built in the early 1900s.
The area, between Comox and Davie Streets and backing onto Thurlow Street, is already designated for high-density types of development. It sits almost centred between Granville Island and the central business district.
“The current St. Paul’s Hospital site is an extraordinary opportunity and will be the most exciting project in the history of downtown Vancouver,” said Peter Webb, senior vice-president of Concord Pacific, in the release.
“We also look forward to working with Providence Health Care, the Province of B.C., MST Development Corporation and the City of Vancouver to achieve the best development plan and most impactful financial outcome towards the delivery of the new St. Paul’s Hospital.”
Concord Pacific is known for its major developments such as Concord Pacific Place in Vancouver and Concord CityPlace in Toronto. The company has also worked on other large-scale, master-planned communities across the Canada and is now developing in the U.K.
Concord has completed more than 130 residential and mixed-use buildings, with more than 50 in various stages of planning and development.
Hospital to continue to operate for now
The hospital itself will continue to operate at full capacity at the current site for the next several years, until the new hospital is operational at 1002 Station St. in Vancouver.
Providence Health Care and Concord Pacific will plan the transition and transfer of operations.
“We’re thoroughly committed to ensuring the current St. Paul’s Hospital continues to serve the local community and the whole province with its world-renowned programs,” said Dalton.
“We are continuing and committed to engaging in meaningful partnerships and collaboration with patients, families, Musqueam, Squamish and Tsleil-Waututh Nations, Indigenous community partners and other community partners, and health care providers as the project moves into its next phase this fall – selecting a company to help design and build the hospital.”