Providence Health Care Completes the Sale of Burrard Street PropertyPosted On: Wednesday August 12, 2020
Providence Health Care has completed the sale of its property at the site of 1081 Burrard Street, the location of St. Paul’s Hospital, to Concord Pacific through a rigorous sale process to generate nearly $1 billion in total.
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, significantly reducing the cost to taxpayers. This investment represents the largest non-governmental contribution to a capital health care project in B.C., and likely, Canada.
“We’re extremely pleased with this sale,” says Fiona Dalton, President and CEO of Providence Health Care. “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.”
“We are honoured to be selected as the successful purchaser of the current St. Paul’s Hospital site,” says Terry Hui, President and CEO of Concord Pacific. “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.”
“The current St. Paul’s Hospital site is an extraordinary opportunity and will be the most exciting project in the history of downtown Vancouver,” says Peter Webb, senior vice president of Concord Pacific. “We also look forward to working with Providence Health Care, the Province of BC, 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.”
St. Paul’s Hospital will continue to operate at full capacity at the current site on Burrard Street for the next several years until the new hospital is open and fully operational at its new location at 1002 Station Street 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.
“We’re thoroughly committed to ensuring the current St. Paul’s Hospital continues to serve the local community and the whole province with its world-renowned programs,” says Dalton. “We are continuing and committed to engaging in meaningful partnerships and collaboration with patients, families, Musqueam, Squamish and Tsleil-Waututh Nations, Indigenous community partners and other community partners, and health care providers as the project moves into its next phase this fall – selecting a company to help 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.”
“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,” says Dick Vollet, President and CEO of St. Paul’s Foundation. “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.”
St. Paul’s Foundation has committed to raising $125 million (with another $100M to be raised for other ongoing and future needs) to the new St. Paul’s Hospital. 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.
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Providence Health Care
MST Development Corporation
St. Paul’s Foundation