VANCOUVER -- The St. Paul's Hospital site in downtown Vancouver has been sold to developer Concord Pacific for nearly $1 billion.

Providence Health Care, which owns the property at 1081 Burrard Street said proceeds from the sale will be invested back into health care and go towards building the new St. Paul's Hospital at the Jim Pattison Medical Centre. 

The private non-profit said the investment is the largest non-governmental contribution to a capital health care project in the province.

"We’re extremely pleased with this sale," said Fiona Dalton, president and CEO of Providence Health Care, in a news release. 

"It is a unique achievement in Canada that enables us to invest in B.C.’s health care system while minimizing the cost to taxpayers, and continues to build on our 126-year legacy of compassionate and innovative care, research and teaching."

St. Paul's Hospital will continue to operate out of its Burrard Street location until the new hospital at 1002 Station Street has been built and is fully operational. 

"The current St. Paul’s Hospital site is an extraordinary opportunity and will be the most exciting project in the history of downtown Vancouver," said Peter Webb, senior vice president of Concord Pacific, in the release.

Providence Health Care said it plans to work closely with Concord Pacific to ensure a smooth transition out of its current site and into the new one upon its completion. 

"We are committed to engaging in meaningful partnerships and collaboration with patients, families, Musqueam, Squamish and Tsleil-Waututh Nations, Indigenous community partners and other community partners, and health care providers as the project moves into its next phase," said Dalton. 

That next phase will take place this fall when a company will be selected to help design and build the new facility. 

The St. Paul’s Foundation has committed to raising $125 million to go towards the new hospital, while the province is contributing just under $1.2 billion. The remainder of funds needed for its construction will come from the sale of the Burrard Street property.