Concord Pacific wants to turn Molson lands into mixed-use development

A can of Molson Canadian is seen in front of the can line at the Molson brewery in Vancouver in this January 2010 file photo. (THE CANADIAN PRESS/Jonathan Hayward)

VANCOUVER - Property developer Concord Pacific is the new owner of a prime piece of real estate on the south side of Vancouver's False Creek, but its plans for the land may run into zoning trouble.

In a release, Concord Pacific senior vice-president Peter Webb confirms the purchase of the Molson Coors (TSX:TAP.A) brewery lands has been finalized, while media reports list the price as $185 million.

Webb says Molson will lease back the property while it builds a new brewery elsewhere in the Vancouver area.

The release from Webb does not mention condo construction, but says Concord will use that time to work with the community, city and regional officials on plans for a mixed-use development on the three hectare parcel.

Concord, which also operates an IT company, local telecom company and a firm creating green power projects across Canada, says its long-term vision for the property is to attract knowledge-based local and global tech companies.

The land is currently zoned for industrial use and Jag Sandhu, a spokesman for the City of Vancouver, says that zoning is not expected to change.