Paragon Development Ltd. has reinvented its proposal for a $535 million redevelopment of the south side of BC Place Stadium as what they are calling an urban resort that plays up entertainment and plays down gambling with the relocation of its Edgwater Casino on False Creek.
Paragon’s last plan, in a lease deal with the BC Pavilion Corporation, was rejected by the City of Vancouver in 2011 over the proposal’s expansion of its gaming floor, but company officials said Tuesday that they’ve listened to their opponents and the new proposal is a straight transfer of Edgewater’s existing operations to the new facility, which fits into the city’s existing rezoning approval.
Paragon, with financing partner Dundee Corp.’s and operating partner 360 Vox, a real estate management company, unveiled the revamped design Tuesday, which calls for two luxury hotels with 550 rooms, a conference centre restaurants and retail space that will be linked in with BC Place.
The overall development will be 675,000 square feet of space and create an additional 2,000 jobs within the complex. Developers are aiming for completion of the project in 2016.
