Dundee Corp., Paragon Development Ltd. and 360 VOX Corp. are collaborating on a $535-million urban resort adjacent to the B.C. Place stadium in Vancouver.

The three companies will design, develop and operate the resort, which is comprised of two luxury resort hotels, a conference centre, retail space, restaurants and the new home for the Edgewater Casino. The Edgewater Casino will be relocated from its former location at the Expo site on False Creek. The new facility will accommodate 600 slot machines and 75 gaming tables.

Dundee will assist 360 VOX with financing related experience, while 360 VOX will be responsible for the management, construction and development of the complex. Paragon is adding its gaming expertise to the development. The companies are negotiating with Marriott International Inc. to act as a manager of the two hotels.

The multi-use resort will be Western Canada’s first urban resort with a hotel, restaurant, lounge and meeting space adjacent to a stadium. It will be built on land belonging to the B.C. Pavilion Corp. (PavCo). Paragon and PavCo signed a master development agreement and ground lease in March 2013, which outlines the terms of the development. This includes a 70-year term and $3-million annual lease rate based on the current scale and configuration of the project.

The 675,000-square-foot resort is expected to generate an estimated $180-million annually for the local economy. It is scheduled to open at the end of 2016.