Date of publication: May 01, 2022 • 6 hours ago • 2 minutes reading • 8 comments The $ 100 million purchase by the VGH and the UBC Hospital Foundation of a privileged plot on the west side of Vancouver is a way to raise money for a non-profit, even though Moving real estate makes sense for other reasons, according to its president and CEO. Photo by Wayne Leidenfrost / Vancouver Sun.
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Buying $ 100 million from VGH and UBC Hospital for a block of land on the west side of Vancouver is a way to raise money for a non-profit, although the massive real estate move makes sense for other reasons, according to its president and CEO.
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The VGH and the UBC Hospital Foundation, Vancouver Coastal Health’s main fundraiser, had invested millions of dollars in donations from marketers. But for some years now, its board, which includes real estate and investment professionals from companies such as Westbank, Peterson Group, Odlum Brown Ltd., CBRE Group, Larco Investments and Rize Alliance Properties, has been using the land and property. in Vancouver, especially as charities across the country face greater uncertainty about how to maintain previous levels of donations. “We thought, doesn’t it make more sense? “Let’s take the donated dollars, let’s invest them in our own real estate that then has a double impact,” said Angela Chapman, president and CEO of the Foundation.
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In late March, the foundation completed a deal to buy a 1.4-acre property on the 900 block of West 12th Avenue, right next to VGH’s main campus. It is a site that includes Windermere, a 14-storey long-term care unit with 207 beds and a three-storey apartment building with 26 units for rent. The foundation will have revenue from renting Windermere to Vancouver Coastal Health, which will operate it as a fully public care unit. All 207 long-term care beds will continue to be located near the VGH. There are no current plans to renovate the rental apartment building, but Chapman said there is potential in the coming years for much larger plans, as the site is so close to the Broadway corridor and the main Oak Street thoroughfare.
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In order for the project not to incur tax claims on the foundation as a non-profit, any redevelopment should remain within the institution’s mission to support health care, Chapman said. The city will require the foundation to replace the existing 26 rental units currently located in the three-story building, in any project it proceeds with. “It simply came to our notice then. So, we have to find a plan. Ideally, we would like to do it within our mandate to support healthcare. This could mean some different types of healthcare related features for these units on the site. We process these different types of options with the city. “One of them is the possibility of creating space for workers in the field of health care due to its wonderful proximity to the campus.” Chapman said there are “incredible challenges” in attracting and retaining nurses and related health professionals and that this is causing problems in healthcare, “including delays in surgery and so on.” [email protected] More news, fewer ads: Our in-depth journalism is possible thanks to the support of our subscribers. For just $ 3.50 a week, you can get unlimited, ad-lite access to The Vancouver Sun, The Province, the National Post, and 13 other Canadian news sites. Support us with your registration today: The Vancouver Sun | The Province.
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