It can be described as a fixer-upper that is full of potential.
Providence Health has officially put the current site of St. Paul’s Hospital on the real estate market.
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“I’ve probably handled some of the most iconic real estate in the city,” said Tony Quattrin, vice chairman of capital markets for CBRE, the listing firm for the property.
“Nothing even comes close to this.”
The site on 1081 Burrard St. is 6.6 acres in the heart of downtown Vancouver.
The property has an assessment value of more than $784 million but the sale is expected to exceed a billion dollars.
Proceeds of the sale will go towards funding the construction of the new hospital slated to open in the False Creek Flats neighbourhood in 2026.
WATCH: Province gives update on new St. Paul’s Hospital plans
“We have an opportunity for a new hospital. An opportunity to save taxpayers millions of dollars on that initiative,” said Quattrin.
As of now, the City of Vancouver has stated the site is restricted in terms of maximum height, density and heritage requirements.
Most of the site is further limited to a height of approximately 54 to 61 metres due to measures preserving view cones in the city.
READ MORE: Why do we need a new St. Paul’s Hospital?
Quattrin said the future development of such a unique site deserves special consideration.
He added the combination in price and zoning might limit future development to only market housing, and said flexibility is needed to create the option for affordable housing.
“We find that great piece of land that can go a long way to providing a solution. We should get collaborative in our approach,” said Quattrin.
No one from the City of Vancouver was available for comment but staff said future use would be determined through the regular development permit process which includes public consultation.