Providence Health Care says it has sold the site of Vancouver’s St. Paul’s Hospital to developer Concord Pacific for nearly $1 billion.
Proceeds from the sale of the property at 1081 Burrard Street will go towards funding the construction of the new St. Paul’s Hospital in the False Creek Flats neighbourhood. Providence Health Care says the investment represents the largest non-governmental contribution to a capital health-care project in B.C., and likely, Canada.
“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,” Providence Health Care President and CEO Fiona Dalton said in a statement.
Providence Health Care officially put the site, which consists of 6.6 acres in the heart of downtown Vancouver, on the market last April.
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Concord Pacific will now work on plans to develop the Burrard Street property.
St. Paul’s will continue to operate at full capacity at its current site until the new hospital is open and fully operational.
Construction on the new hospital, which will be located at 1002 Station Street, could begin by the end of this year or early 2021. The original goal was to have the project completed by 2026.
The St. Paul’s Foundation has committed to raising $125 million to the new hospital while the provincial government is contributing $1.158 billion. The rest of the money will come from the proceeds of the Burrard land sale.
— With files from John Hua