A new two-storey commercial building will be constructed on one of the most under-utilized and prominent sites along the West Georgia Street corridor in downtown Vancouver.
The property of 450 West Georgia St. is situated at the southeast corner of the intersection of Richards Street and West Georgia Street — wedged between the Telus Garden and Deloitte Summit office towers, and just west of the Vancouver Public Library’s Central Branch.
A new development permit application calls for the redevelopment of the 24,000 sq. ft. surface vehicle parking lot — previously part of the site’s former Budget car rental business, and currently used as an Evo car share parking lot — into a 44,000 sq. ft. grocery store and pharmacy.
There will be a 22,000 sq. ft. grocery store on the second level and a 16,000 sq. ft. pharmacy on the ground level. The main entrance to both the grocery store and pharmacy will be situated on the prominent corner with the intersection, while a secondary entrance will be provided on the south end of the building’s Richards Street frontage.
There will also be 26 vehicle parking stalls within one-and-a-half underground levels, accessible from the laneway.
Site of 450 West Georgia St., Vancouver. (Google Maps)
Existing condition:
Site of 450 West Georgia St., Vancouver. (Google Maps)
Site of 450 West Georgia St., Vancouver. (Google Maps)
Future condition:
2026 concept of a two-storey grocery store and pharmacy building at 450 West Georgia St., Vancouver. (W.T. Leung Architects/Austeville Properties)
2026 concept of a two-storey grocery store and pharmacy building at 450 West Georgia St., Vancouver. (W.T. Leung Architects/Austeville Properties)
The project is being led by developer Austeville Properties and design firm W.T. Leung Architects, which previously received Vancouver City Council approval in 2021 for a rezoning application to develop the site into a 376,000 sq. ft., 23-storey office tower. As previously reported by Daily Hive Urbanized, the proposal was conceived amid Vancouver’s strong pre-pandemic demand for office space. However, the office market fuelling the previous office construction boom never rebounded, as semi-remote work became entrenched, ultimately leading to the project’s cancellation.
This two-storey retail building represents a far less ambitious proposal than the previously envisioned high-rise, premium office tower, which is notable given the site’s prominent location in the Central Business District. The scaled-back approach may also reflect the current challenging market realities for development.
As of July 2025, according to BC Assessment, the property is valued at $7.023 million, with $700 coming from the value of the parking lot’s asphalt pavement and the overwhelming remainder from land value. However, the property’s value has dropped tremendously over the years — falling from $9.43 million in 2024, $13.24 million in 2021, and the peak value of $13.44 million in 2019. A decade ago, in 2016, this site was assessed at $5.74 million.
Cancelled office tower project for the 450 West Georgia St. site:
Cancelled: Artistic rendering of the office tower at 450 West Georgia St., Vancouver. (W.T. Leung Architects/Austeville Properties)
Cancelled: Artistic rendering of the office tower at 450 West Georgia St., Vancouver. (W.T. Leung Architects/Austeville Properties)
It is also a stark contrast to the giant redevelopment proposal for the former Hudson’s Bay parkade city block just kitty corner to the site, which entails three towers that would be among Metro Vancouver’s tallest, including a super-tall tower over 1,000 ft. — Western Canada’s tallest building — with 100 per cent hotel uses and an observation deck attraction.
As this two-storey retail project fits within existing zoning, it does not need to pursue a rezoning application and public hearing with City Council.
“The new retail development will help address a critical service gap in the area by introducing essential retail offerings, including a grocery store and a pharmacy, to support the growing residential population in downtown Vancouver,” reads the application.
Existing condition:
Site of 450 West Georgia St., Vancouver. (Google Maps)
Future condition:
2026 concept of a two-storey grocery store and pharmacy building at 450 West Georgia St., Vancouver. (W.T. Leung Architects/Austeville Properties)
2026 concept of a two-storey grocery store and pharmacy building at 450 West Georgia St., Vancouver. (W.T. Leung Architects/Austeville Properties)
At this early stage, there is no public indication of which grocery store chain would occupy the space. However, given the area’s proximity to several existing grocery stores, it could offer a different value proposition. The application also suggests the tenant could be a grocery chain that includes an in-store pharmacy as part of its business model.
At the south end of the same city block, at the northeast corner of the intersection of Robson Street and Richard Street, there is an IGA. An H-Mart is also located nearby, at the southeast corner of the intersection of Robson Street and Seymour Street.
Just one block to the east, a 45,000 sq. ft. flagship Loblaws City Market opened in 2024 within The Post. One block to the west, Vancouver Centre Mall is home to a London Drugs with a full-service pharmacy.
Additional grocery options are available within a broader walking radius, including Nester’s Market locations at the northeast corner of the intersection of Seymour Street and Nelson Street and at Woodward’s, as well as a T&T Supermarket adjacent to SkyTrain’s Stadium–Chinatown Station.
In 2024, for a site at the northeast corner of the intersection of Robson Street and Cardero Street, the City of Vancouver’s Development Permit Board approved a project with two high-rise towers with nearly 400 rental homes and a 24,000 sq. ft. grocery store.