Molson Coors sold its Burrard Street brewery site to major local developer Concord Pacific – and the price tag was $185 million, the beer company confirmed April 12.
In November, REW.ca's sister publication Business in Vancouver reported that the Molson brewery had been sold for more than $100 million over the asking price to a mystery buyer.
According to an April 12 Business in Vancouver article, documents from real estate market analysis service RealNet revealed that, as of the March 31 closing date, the assessed value of the building was $15.4 million and the land was worth $33.6 million, for a total assessment of $49 million.
A media statement from Peter Webb, Concord’s senior vice-president of development, said that Concord hopes to build a “sustainable mixed-use addition to Vancouver.”
The statement added, “Concord's long-term vision is to attract knowledge-based local and global tech companies to this site.”
Concord may be taking a significant gamble. The CBC reported April 12 that Vancouver councillor Adriane Carr said she doesn’t think the site will be rezoned from industrial to mixed-use.
"It's clear that that land is dedicated as a part of our industrial land base, remembering that we have very little land in the city of Vancouver and in our region as a whole," Carr told CBC.
City spokesperson Jag Sandhu told CBC the city has not received any rezoning application for this site.
Molson Coors has said that it plans to build a new brewery to be operational by 2018, but the site has yet to be confirmed.
Concord Pacific confirmed that it will lease back to the property to Molson to continue to operate its brewery until a new one is built.
