In a blockbuster real estate deal, Concord Pacific has acquired Vancouver’s Iconic Molson Coors brewery lands.
The brewing giant confirms the deal closed on March 31st with a price tag of $185 million.
A statement attributed to Concord vice-president Peter Webb says for the time being, the False Creek property will still be used by the brewery.
“Concord has agreed to lease back the existing property for Molson to continue brewery operations while a new brewery is being constructed.”
The development giant says it plans to develop the site as a “mixed-use residential neighbourhood” with a “knowledge-based work centre” aimed at attracting tech firms.
However, in a statement to CKNW, the City of Vancouver says it has not received any rezoning applications for the site to date.
Any development along those lines will face hurdles: the property is currently zoned for industrial use only, meaning Concord will have to go to the city with a rezoning application.
Questions about the future of the Molson Brewery have been swirling for some time, with the company closing down its bottling line at the location in December of 2014.
It says it plans to reinvest money from the sale in a new B.C. brewery to be built by 2018.