BC Place complex to create thousands of jobs
April 12th, 2010
April 12, 2010
A new 680,000 square foot entertainment complex attached to BC Place will create more than 8,500 direct and indirect jobs during construction and ongoing operation, increase tourism and build a more vibrant downtown, announced Premier Gordon Campbell and David Podmore, chair of BC Pavilion Corporation (PavCo).
PavCo, the Crown corporation that manages BC Place, confirmed today a 70-year lease agreement with Paragon Development Ltd. for two acres of the BC Place west side lands - the result of a competitive bidding process that attracted multiple proposals. The $450-million proposed project will feature two new internationally-branded hotels and a new gaming facility, subject to municipal approval.
"This project will create literally thousands of jobs and be an important generator of tourism and economic activity for Vancouver and the entire province," said Premier Campbell. "During the Olympic Winter Games the streets of Vancouver were alive with the Olympic spirit – and we hope this entertainment complex will help recapture some of that excitement."
The project is expected to create an estimated total employment of more than 3,200 direct and 2,200 indirect jobs during construction and an estimated total employment of more than 1,900 direct and 1,300 indirect jobs during facility operations. The facility is expected to generate up to $130 million in gaming revenues that will be distributed to the Province in the first full year. Pending City of Vancouver approval, Edgewater Casino will be relocated as part of the rezoning process.
"This unique development will further enhance the new BC Place as a world-class facility." said Podmore. "In addition to gaming revenues for both the Province and the city, this complex brings additional economic benefits in both tourism and event opportunities."
"Together with the incredible changes being made at BC Place, this iconic venue will draw visitors and residents to enjoy an entertainment destination unique to Canadian cities," said Scott Menke, president, Paragon Development. "The business case was evident to us, and we're looking forward to working closely with PavCo and BC Place in redefining Vancouver's entertainment epicentre."
Pending the rezoning application to the City of Vancouver, construction is planned to begin in early 2011 and be completed in mid-2013. Events will continue to be held during construction.