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Friday, April 12, 2024

St. Paul’s Hospital site sold to Concord Pacific for $1 billion

Concord Pacific promises “most exciting project” in downtown Vancouver history; West End plan allows for heights up to 550 ft., although could be restricted by viewcones

In a major property transaction, the St. Paul’s Hospital site at 1081 Burrard Street has been sold to Concord Pacific for nearly $1 billion.

The high-profile property has been on the market since 2019, and comprises six acres of some of the most desirable real estate in downtown Vancouver. It was assessed for 2020 at $702 million — down from $784 million in 2019.

Concord Pacific promises the upcoming redevelopment will be a landmark in downtown Vancouver.

“The current St. Paul’s Hospital site is an extraordinary opportunity and will be the most exciting project in the history of downtown Vancouver,” says Peter Webb, senior vice president of Concord Pacific. “We also look forward to working with Providence Health Care, the Province of BC, 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.”

It’s not known what heritage restoration or retention requirements might apply to any redevelopment of the site, as several of the buildings date back to 1900.

The site falls under the recently adopted West End Community Plan, Burrard Corridor area. The Burrard Corridor “E” area, where St. Paul’s Hospital is located, does allow for building heights up to 550 ft., although that could be restricted by viewcones. For comparison, the Vancouver House tower is 493 ft., and the Wall Centre tower across the street is 491 ft.

Burrard Corridor Area ‘E’ building heights. Credit: City of Vancouver

Providence Health Care, which operates St. Paul’s Hospital, says the sale is the largest non-government contribution to a capital health care project in B.C. — and likely Canada.

“We’re extremely pleased with this sale,” says Fiona Dalton, president and CEO of Providence Health Care. “It is a unique achievement in Canada that enables us to invest in BC’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.”

The existing hospital on the Burrard Street site will continue to operate for the next several years until the new hospital is complete on Station Street, expected in 2026.

New St Paul's Hospital rendering
Rendering of new St. Paul’s Hospital campus. Credit: Providence Health Care

Providence says it will work closely with Concord Pacific to ensure a smooth transition from the existing site to the new hospital facility.

The St. Paul’s Foundation has committed to raising $125 million (with another $100 million to be raised for other ongoing and future needs) for the new St. Paul’s Hospital. The provincial government is contributing $1.158 billion. The rest of the money to build the new St. Paul’s Hospital will come from the proceeds of the Burrard Street land sale.

Header photo credit: Joe Mabel/CC BY-SA

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Peter Meiszner
Peter Meiszner
Peter Meiszner is an experienced journalist and media relations professional, based in Vancouver. As founder of urbanYVR.com, he has been reporting on urban development across the Lower Mainland since 2016, and has also served as vice-chair of the Gastown Historic Area Planning Committee. In October 2022, he was elected to Vancouver city council and is no longer actively reporting for urbanYVR.

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