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At the end of March, the foundation completed a deal to buy a 1.4-acre property in block 900 on West 12th Avenue, which is right next to the VGH main campus.
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May 1, 2022 • 6 hours ago • 2 minutes reading • 8 comments The purchase of the VGH and UBC Hospital Foundation for $ 100 million on a first-class block of land in western Vancouver is a way to raise funds for a non-profit cause, although the big real estate move makes sense for other reasons, according to its president and CEO. Photo by Wayne Leidenfrost / Vancouver Sun.
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The purchase of a major block of land on the west side of Vancouver by VGH and the UBC Hospital Foundation for $ 100 million is a way to raise funds for a non-profit cause, although the main real estate move makes sense for other reasons, according to its president and executive DIRECTOR.
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VGH and the UBC Hospital Foundation, Vancouver Coastal Health’s main fundraising partner, have invested millions of dollars in market funds from their donors.
But for several years, his board of directors, 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 used 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 and invest them in our own property, which then has a double impact, “said Angela Chapman, president and CEO of the foundation.
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At the end of March, the foundation completed a deal to buy a 1.4-acre property in block 900 on West 12th Avenue, which is right next to VGH’s main campus.
This is a site that includes Windermere, a 14-storey long-term care facility with 207 beds and a three-storey apartment building with 26 units.
The foundation will receive revenue from renting Windermere to Vancouver Coastal Health, which will run it as a purely public institution. All of its 207 long-term care beds will continue to remain in place near VGH.
There are no ongoing plans to renovate the rental apartment, but Chapman said there is potential in the coming years for plans that receive much more discounts for density because the location is so close to Broadway Corridor and Oak Street’s main artery.
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In order for the company not to trigger tax requirements for the foundation as a non-profit organization, any restructuring will have to remain within the foundation’s mission to support health care, Chapman said.
The city will require the foundation to replace the existing 26 rental units currently housed in the three-story building in any plan ahead.
“We have to do this. So we will have to come up with a plan. Ideally, we would like to do so within our mandate to support healthcare. This may mean some different types of healthcare opportunities for these parts of the site. We work on these different types of options with the city. One of them is the possibility of something like a space for health workers due to its wonderful proximity to campus. ”
Chapman said there were “incredible challenges” in attracting and retaining nurses and related health professionals, and that this created health problems, “including delaying surgery and so on.”
jlee-young@postmedia.com
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