VANCOUVER — Providence Health Care has completed the sale of its property at 1081 Burrard St. in downtown Vancouver, the current location of St. Paul’s Hospital, to developer Concord Pacific at a price tag of $1 billion.
The proceeds from the sale will be invested back into the health care system and the new St. Paul’s Hospital at the Jim Pattison Medical Centre, located near Station Street in east Vancouver just off the downtown core.
“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,” Providence Health Care president and CEO Fiona Dalton said in a statement.
“We are honoured to be selected as the successful purchaser of the current St. Paul’s Hospital site. Concord Pacific has created many unique urban master-planned communities across Canada. Vancouver is our home and it will always be the most resilient and desirable city to live,” Concord Pacific president and CEO Terry Hui added.
St. Paul’s Hospital will continue to operate at full capacity at the current site on Burrard Street until the new hospital is open and fully operational at 1002 Station St. in Vancouver.
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,” a release stated.
“We are seeing amazing community and donor support for the new St. Paul’s Hospital – as witnessed by the philanthropic commitments to the St. Paul’s Foundation – and are extremely grateful to all our partners for continuing to support this exciting project,” said St. Paul’s Foundation president and CEO Dick Vollet.
“As a result of this generosity, we are on track to meeting our fundraising goal in support of the first phase of the new St. Paul’s project. We look forward to continuing our fundraising campaign and partnering with our donor community to support all the work that remains with the core hospital, and the research and support centre on the campus,” he added.
St. Paul’s Foundation has committed to raising $125 million, with another $100 million raised for other ongoing and future needs to the new hospital. The B.C. government is contributing $1.158 billion and the remaining funding for construction of the new facility will come from the proceeds of the Burrard land sale.
The new St. Paul’s Hospital is slated to have a capacity for 548 beds including 115 net new beds.
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