PROVIDENCE HEALTH CARE COMPLETES SALE OF BURRARD STREET PROPERTY

A message from Fiona Dalton, President & CEO, Providence Health Care.

Dear Providence Family:

I’m delighted to inform you that Providence Health Care has completed the sale of its property at the site of the current St. Paul’s Hospital, 1081 Burrard Street, to Concord Pacific for approximately $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 located on our Station Street site in False Creek Flats, significantly minimizing the cost to taxpayers. This investment represents the largest non-governmental contribution to a capital health care project in B.C., and likely, Canada.

Providence is extremely pleased with this sale. 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.

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. Providence 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. 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.

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 property sale.

This page last updated Aug 13, 2020 5:42pm PDT