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St. Paul's Hospital land in Vancouver sells for $1 billion

Last Updated Aug 12, 2020 at 8:28 pm PDT

FILE - St. Paul's Hospital.
Summary

The current site of St. Paul's Hospital in Vancouver has sold for close to $1 billion

Providence Health Care has completed the sale of its property at the site of 1081 Burrard Street

The current hospital will continue to operate at full capacity until the new one opens in several years

VANCOUVER (NEWS 1130) — The current site of St. Paul’s Hospital in Vancouver has sold for close to $1 billion.

The hospital property on Burrard Street was bought by Concord Pacific, which developed Concord Pacific Place in Vancouver and Concord CityPlace in Toronto.

All of the proceeds from the sale will be invested back into health care and the new St. Paul’s Hospital at the Jim Pattison Medical Centre, Providence Health Care says in a release Wednesday.

“This investment represents the largest non-governmental contribution to a capital health care project in B.C., and likely, Canada.”

The current hospital will continue to operate at full capacity until the new one opens in several years at 1002 Station Street, Providence adds.

READ ALSO: New St. Paul’s Hospital gets green light from provincial government

“We’ re extremely pleased with this sale. 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,” says Fiona Dalton, president and CEO of Providence Health Care.

“The current St. Paul’s Hospital site is an extraordinary opportunity and will be the most exciting project in the history of downtown Vancouver,” adds Peter Webb, senior vice president of Concord Pacific. “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.”

Providence Health Care will work with Concord Pacific to plan a smooth and seamless transition and transfer of operations out of the current site to the new St. Paul’s Hospital upon completion.

St. Paul’s Foundation has committed to raising $125 million — with another $100 million to be raised for other ongoing and future needs — to the new site. 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 land sale.

Health Minister Adrain Dix said the new St. Paul’s Hospital is on track to welcome patients in 2026.

“After decades of delay — I mean, decades of delay — it is on track. This was a project that was announced in 2002, then 2004, then 2006, then 2008, then 2011, then 2016, without going anywhere,” he added.

“And so what we’ve tried to do is, systematically, step by step, do what’s necessary, which is to build a new St. Paul’s, the St Paul’s that Vancouver needs in the 21st Century, with our partners of Providence Health Care.”