How Much is the St. Paul’s Hospital Site Worth?
With the news today that St. Paul’s will move to it’s new location, it has been indicated that Providence Health Care will use the sale or lease of the existing Burrard Street location to help contribute to its share of the $1.2 Billion False Creek Flats project.
So how much is the Burrard site worth?
First, an overview of the site:
- Site Area: 292,235 SF, or 6.7 acres
- Existing Zoning: DD – Downtown District (Sub Area G)
- Permitted Density: 6.0 FSR (office not to exceed 5.0 FSR), or 1,753,410 SF (under current zoning)
- Allowable Height: 300 ft (with discretionary increase to 450 ft)
- View Cones: View cone C1 (Laurel Landbridge to the Lions) bisects the site as depicted below and likely limits much of the site to at or near the 300 ft. limit (30-storeys for residential)
- Current Tax Assessment Value (Land Only): $465,004,000
Rezoning potential is unknown at this stage, but the current zoning would appear to support a residential/mixed-use development up to 1.75 Million SF. A preliminary valuation based on this cursory highest and best use analysis yields the following value:
292,235 SF x 6.0 FSR x $250 per buildable SF =
$438,000,000
Now, if the site were rezoned to say 10.0 FSR, with a Community Amenity Contribution or social housing component:
Based on rezoning to 10.0 FSR
292,235 x 10.0 FSR x ($250 per buildable SF less $75 per SF CAC) =
Don’t forget that the St Paul’s site is also within the West End Plan. It’s in Burrard Corridor section E, which allows heights up to 550′.
There is no social housing requirement within this part of the Burrard Corridor.
I think the CAC is only payable on the net additional density (4 FSR) adding another $130 million to the $511 million.