The final bill of sale of Vancouver’s old St. Paul’s Hospital is $850 million, the province’s auditor general said in a report released Oct. 26.
It was earlier reported that the Burrard Street site of Vancouver’s 121-year-old St. Paul’s was sold to development giant Concord Pacific Group by Providence Health Care in August 2020 for about $1 billion as work continued on a $1.9 billion False Creek Flats replacement facility.
Auditor General Michael Pickup said in his office’s audit of the public accounts that the sale, using a right to purchase agreement, closed on July 31, 2020.
“Title will be transferred on July 31, 2027. This $850 million sale is a significant, complex transaction affecting Providence,” the report said.
As well, the report said the sale proceeds received to date (and at the anticipated date of July 31, 2027) should be deferred until the completion of the construction of the new hospital.
Further it said, the outstanding amount owing at March 31, 2021– $725 million – should be recorded as a loan receivable, discounted as appropriate.
The development will be mixed-use commercial and residential. What community amenities will be included remains to be seen.
The timing of any development work is contingent on the move to the new site but demolition could begin in several years. Concord Pacific has said it recognizes some of the site or facades have heritage values and could be retained.
