The 1081 Burrard Street site of Vancouver’s St. Paul’s Hospital has been sold to development giant Concord Pacific Group for $1 billion.

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.

“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.

Concord Pacific has been involved in acquiring the land since 2019 with approval earlier this year. The deal closed at the end of July.

“We’re extremely pleased with this sale,” said PHC president Fiona Dalton. “It is a unique achievement in Canada that enables us to invest in BC’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.”

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.