As reported by every news outlet in Vancouver, mega developer Concord Pacific bought the Molson Coors brewery site at the foot of Burrard Bridge for a cool $185 million.
Jennifer Kerr, director of corporate affairs for Molson Coors, says the cash from the sale will be re-invested in a new brewery.
Molson Coors expects to have that new brewery up and running by 2018, but a location has not yet been determined. So for now Concord Pacific has agreed to lease back the existing brewery to Molson Coors until a new one is built.
Concord Pacific is known for the massive redevelopment of False Creek, transforming the former industrial waterfront after Expo 86 into a high-rise residential zone.
The Molson Coors site is one of the last on the False Creek waterfront still zoned for industrial use. That means no condos or other residential properties can built on it unless the city agrees to change the zoning.
Vancouver Councillor Adriane Carr says under the city’s regional plan, industrial land is a priority and she doesn’t see the zoning changing for the site.
“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,” said Carr.
City spokesperson Jag Sandhu confirmed the city has not received any rezoning application for this site.
“The property is zoned industrial and shown in the regional context statement as industrial, any change to that would require a regional amendment by Metro Vancouver. The City’s policies for these lands are set and staff are not contemplating any changes to current policies,” said a statement from Sandu.
Another source indicated that Concord Pacific intends to use the land for a mixed-use residential neighbourhood with a “knowledge-based work centre” aimed at attracting tech firms.
Last modified: April 12, 2016