Concord Pacific Enters Purchase Agreement with Costco Wholesale

Pacific Place Holdings Ltd., since amalgamated with Concord Pacific Group Inc. (CPGI), entered into a purchase agreement on October 25, 2001, with Costco Wholesale Canada Ltd. to sell a portion of the CPGI site located between the Georgia Street and Dunsmuir Street viaducts, adjacent to GM Place. CPGI agreed to sell an airspace parcel to Costco and pursuant to a development agreement to build a 147,000 square foot retail store on the site. The total value of the deal remains confidential. CPGI intends to develop four or five towers above the store containing approximately one thousand strata lots and more than 850,000 buildable square feet. CPGI must obtain rezoning and development approval prior to proceeding with these developments.

CPGI was represented by Richard Jackson and Ross MacDonald, with assistance from Nick Paczkowski of Stikeman Elliott. Costco was represented by Perry Ehrlich and Helen del Val of Kahn Zack Ehrlich Lithwick and Tom Clarke of Edwards, Kenny & Bray.