Providence Health Care has sold its property at St. Paul’s Hospital site in Vancouver to Concord Pacific in a deal valued at nearly $1bn.

The investment marks the largest non-governmental contribution in a health care project in British Columbia.

The funds received through the sale of the property at 1081 Burrard Street will be reinvested into health care and the new St. Paul’s Hospital at the Jim Pattison Medical Centre.

Concord Pacific senior vice-president Peter Webb said: “The current St. Paul’s Hospital site is an extraordinary opportunity and will be the most exciting project in the history of downtown Vancouver.

“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.”

Until the new hospital is fully functional at 1002 Station Street in Vancouver, St. Paul’s Hospital will continue to operate at full capacity for the next several years.

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Upon completion, Providence Health Care, with Concord Pacific will manage the smooth transition of operations to the hospital new site.

St. Paul’s Foundation is set to raise $125m to the new St. Paul’s Hospital.  It plans to raise an additional $100m for ongoing and future needs.

The provincial government is contributing $1.158bn for the project.

Proceeds of the Burrard land sale are expected to provide the remaining funds to build the new St. Paul’s Hospital.

St. Paul’s Foundation president and CEO Dick Vollet said: “We are seeing amazing community and donor support for the new St. Paul’s Hospital – as witnessed by the philanthropic commitments to the St. Paul’s Foundation – and are extremely grateful to all our partners for continuing to support this exciting project.”