From Metro Vancouver & TransLink Update
Concord Pacific Developments has purchased the Vancouver Molson Coors brewery and disclosed plans to transform one of the city’s last remaining industrial sites into a “mixed-use residential neighbourhood.” The developer bought the site for $185-million and the deal closed March 31, according to real estate information service RealNet.
The three-hectare property is assessed in documents at $49,019,400. The City of Vancouver, which has repeatedly said it has no plans to rezone the site for anything other than industrial use, sent an e-mail to the Globe & Mail stating it had not received a rezoning application for the site.
“Any change to that would require a regional amendment by Metro. The city’s policies for these lands are set and staff are not contemplating any changes to current policies,” it said.
Tom Davidoff, economics professor at the University of British Columbia’s Sauder School of Business, is in favour of the Concord Pacific plan, but not necessarily the approach. Davidoff told the Globe and Mail that “the city has to be careful. My understanding is that land prices are going nuts and developers buy assuming [there will be] upzoning. Arguably, the city shouldn’t reward such behaviour – it’s critical that paying a lot for land should not entitle the owner to demand city action.”