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The lots are currently assessed at $223 million, but, of course, would be worth exponentially more if they were rezoned by the City of Vancouver to allow for Concord’s plans.
Concord owns other large, prime sites where the sale price paid at the time builds in a hope or calculation that the city will approve rezoning to justify the cost beyond what the current zoning allows.
It bought the Westin Bayshore site in Coal Harbour next to Stanley Park in 2015 for around $290 million.
In August, Concord paid around$1 billion for the St. Paul’s Hospital site on Burrard Street in downtown Vancouver. Vice-president Peter Webb said the current zoning allows for about 1.9 million- sq. ft of residential density and commercial development.
Concord executives have long said the goal at the old Molson site is to eventually build a mixed-use, residential community with some tech office spaces even though the property is zoned M-2 industrial.
Since early 2019, there has been a city-wide review of industrial land to look at how the economy and employment opportunities are impacted by zoning. It’s expected to continue into 2021-2022.
Matt Meehan, a senior vice-president of development at Concord Pacific, said in the past that “our site is not open for putting rezoning applications until they finish that report.”
An external advisory group for this review last met in July 2020. A breakout session that examined industrial spaces tabled the importance of protecting industrial land, but also said there “should be a focus on how the industrial sector can work with the tech sector.”
With a file from John Mackie
