Vancouver’s Plaza of Nations, a prominent but largely derelict waterfront site, has quietly changed ownership, Postmedia reported.

While the sale price remains undisclosed, it is believed to be in the hundreds of millions of dollars based on the property’s high-visibility waterfront location next to False Creek.

The plaza was a focal point during Expo 86 but efforts to redevelop it have not progressed. The 750 Pacific Boulevard property was rezoned in 2018 to accommodate about two million square feet of mixed-use buildings up to 30 storeys tall; however, the plans has not come to fruition, according to Postmedia.

According to Postmedia, the new owner, Northchild Group, plans to present a revised vision for the site that will include condominiums, rental homes, commercial spaces, including retail; a boutique hotel, a marina, public amenities, and waterfront access. Little is known about Northchild, and the firm does not have a development track record in Vancouver.

Concord Pacific is proposing to redevelop a neighbouring site into a massive 12-tower project that would include 5,000 homes. Like Concord Pacific, the plaza’s new owner is seeking to capitalize on city council’s recent relaxation of view-corridor regulations. By loosening the restrictions, known as view cones, council has allowed for taller buildings and, in turn, more multi-family residential units in each project.

“With the change in the view corridors, we are now looking at a redesign of the development which will continue to emphasize livability and an inclusive neighbourhood for Vancouverites to enjoy all year round,” said David Negrin, a local commercial real estate industry veteran who advised Northchild, told Postmedia via email.

Pending investment and regulatory approvals, the plaza’s redevelopment is not expected to begin for a number of years yet.

Hong Leong Oei, a Singaporean billionaire, previously owned the plaza for more than three decades through Metropolitan Properties. But according to Postmedia, Metropolitan came under different corporate leadership in 2022, shortly after the company won a seven-year legal battle with Concord Pacific over the property.

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