The Molson Coors brewery, a three hectare industrial property, at 1550 Burrard Street in Vancouver has been officially purchased by Concord Pacific for $185 million, following confirmation late last year that the property was in the process of being sold for an undisclosed amount to an unknown buyer.
Presently, the Molson Coors brewery is zoned for industrial use only, and the city of Metro Vancouver has stated on numerous occasions that they have no plans to rezone the site. Protection policies put forth by the city stress the importance of the brewery’s location, as it provides accessible industry jobs for individuals living in the city.
Consequently, it may be no easy feat to get the property rezoned.
Concord Pacific, a chiefly residential developer, has arranged to lease back the property to Molson Coors over the next two years while a new brewery is constructed elsewhere. Despite the City’s desire to keep the brewery an industrial zone, Concord Pacific plans to apply for rezoning. As of April 11th, 2016, the City of Vancouver had yet to receive an application to rezone, nor do they intend on rezoning the brewery for anything non-industrial.
Local economists are concerned about the repercussions rezoning may have on the City of Vancouver. For an economy to properly function, it is imperative that a given city has a balance of residential and industrial development.
Considering that the Molson Coors brewery is the last protected industrial property in Vancouver, it is arguable that a
rezone is unlikely to happen.
Concord Pacific’s vision for the property is to create a “knowledge-based work centre” coupled with a residential development - transforming the property into a vibrant and multidimensional attraction in Vancouver. For now, Molson Coors will continue to operate out of the brewery until at least 2018.