Concord Pacific bought St. Paul’s Hospital site on Burrard Street for $850M
Concord Pacific Group bought the St. Paul’s Hospital site for $850 million, according to a report from the province’s auditor-general this week.
The report, which looked at the finances of the provincial public sector, carried some interesting insights about the terms of one of the largest and more complex recent commercial real estate deals.
It had been reported in August 2020 that Providence Health Care would get nearly $1 billion for the property on the 6.6-acre site on Burrard in the West End while it worked to build a new $2.2 billion hospital in the False Creek Flats.
At the time, Concord vice-president Peter Webb said the current zoning allows for about 1.9 million square feet of residential density and commercial development. It’s widely expected that Concord will redevelop the site into tall, residential towers to justify the cost of the land. It has said it will work with MST Development Corp., which is the development firm of the Musqueam, Squamish and Tsleil-Waututh First Nations.
