Downtown Vancouver's St. Paul's Hospital site sells for close to $1B

The private non-profit that owns the site of Vancouver's St. Paul's Hospital says it has been sold for nearly $1 billion.

Providence Health Care announced Wednesdayin a news release the sale of its property at 1081 Burrard Street to Concord Pacific.

It states all proceeds from the sale will go toward health care and anew hospitalat the Jim Pattison Medical Centrenear Trillium Parkthat willreplacethe downtown centrepiece.

"This investment represents the largest non-governmental contribution to a capital health-care project in B.C., and likely, Canada," Providence Health Care said in its statement.

The buyer is an urban developer with head offices based in 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,"Peter Webb, senior vice-president of Concord Pacific, said in the statement.

"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," reads the statement.

Announced in 2002,Minister of Health Adrian Dix said in a daily COVID-19 briefing on Wednesday,the goal is to have it ready for 2026.

"The project is on track and moving forward,"he said.

St. Paul's Hospital will continue to operate downtown for the next several years, until the new location at 1002 Station St.is open and fully operational, according to the statement.

In the release, Fiona Dalton, president and CEO of Providence Health Care, said the next step for this fall is to select a company to design and build the hospital.

"The compassionate care used to treat the people and their families who use St. Paul's Hospital will not change or alter in any way," she said.

The president of the St. Paul's Foundation saidthey are on trackto meet their fundraising goalfor the first phase of the project, whichaims to raise $125 million for the new hospital, plus another $100 million for ongoing and future needs.

The release states the province is spending $1.158 billionand the remainder of the money will come from the sale of the Burrard Street site.