VANCOUVER — Providence Health Care says the St. Paul's Hospital site in Vancouver has been sold to developer Concord Pacific for nearly $1 billion.
The health-care provider says all proceeds from the sale will be invested back into health care and the new St. Paul's Hospital planned for the False Creek Flats area.
The non-profit organization says St. Paul's will continue to operate on Burrard Street for the next several years until the new hospital is open and fully operational.
Fiona Dalton, president and CEO of Providence Health Care, says in a statement the next step is selecting a company to help design and build the new hospital.
She called the sale "a unique achievement in Canada that enables us to invest in B.C.'s health-care system while minimizing the cost to taxpayers."
Meanwhile, Peter Webb, senior vice-president of Concord Pacific, says the site purchased by the company "will be the most exciting project in the history of downtown Vancouver."
The president and CEO of St. Paul's Foundation, Dick Vollet, says they're on track to meet the fundraising goal for the first phase of the new hospital as part of a commitment to raise $125 million plus another $100 million for the ongoing and future needs.
Providence says the B.C. government is also contributing more than $1.15 billion and the rest of the money that's required to build the new hospital will come from the proceeds of the recent sale.
Premier John Horgan has said that previous provincial governments have known St. Paul's would be unsafe in the event of an earthquake and the new hospital will be built by 2026.
The new St. Paul's will have a capacity of 548 beds, an increase of 115. The province has said it will also remain a teaching hospital.
This report by The Canadian Press was first published Aug. 12, 2020.