At the time, Floata manager Brian Yu told BIV<\/a> that business had dropped 50 per cent or more since May 2020. A total of 11 businesses had closed in the plaza since the World Health Organization declared the COVID-19 pandemic\u00a0in March 2020.<\/p>\n \u201cWe have more staff than customers,\u201d said Yu, sitting at one of the many empty tables on an afternoon where six people dined in the 800-seat dining hall.<\/p>\n ‘Need for major renovations’<\/p>\n The city\u2019s communications department said in an email this week that the Floata\u2019s lease expired on Sept. 30, 2025. The lease was briefly extended on \u201can overhold basis but ended due to unresolved financial arrears, the need for major renovations and lack of response from the tenant when the city reached out to confirm willingness to meet tenant obligations under a new lease.\u201d<\/p>\n The city said it also engaged with the tenant to explore lease renewal options but did not receive firm commitments. The tenant vacated the premises in October 2025.<\/p>\n The RFP said the closing of Floata presents \u201ca rare opportunity\u201d for the city to secure an operator capable of delivering high quality dining and banquet services, implement a merchandising strategy and provide integrated property management services to reposition and stimulate revitalization of the plaza and the local community.<\/p>\n \u201cWith appropriate investment and leadership, the restaurant premises can serve as a catalyst for renewed economic and community development in Chinatown,\u201d the RFP said.<\/p>\n The city has owned the plaza since March 31, 2006.<\/p>\n The cost to lease a space in the plaza varies and depends on factors such as location\u2014exterior or interior\u2014square footage of the space and lease terms. The RFP says the vacant restaurant space would require a \u201cminimum monthly gross rent of $70,000.\u201d<\/p>\n The city also requests any interested restaurateur complete capital improvements to the restaurant space with a minimum investment of $2 million. The restaurant must serve high quality Chinese cuisine with full-service dim sum, lunch, dinner and offer large-format banquet services.<\/p>\n Night energy ‘really strong’<\/p>\n Jordan Eng, president of the Vancouver Chinatown Business Improvement Association, said he knows there are interested parties in opening a restaurant at the plaza, which also includes a seven-storey, 930-stall parkade.<\/p>\n \u201cThe closing date [June 23] is coming up pretty quick, so it should be interesting to see who makes it to the next stage in negotiating a deal,\u201d Eng said. \u201cThe community wants to get it open as soon as possible. It\u2019s already been more than six months [since Floata closed].\u201d<\/p>\n Eng said despite the ongoing challenges in the community, Chinatown has seen more businesses open and people continue to dine and visit the area. He said city council\u2019s \u201cuplifting Chinatown action plan,\u201d<\/a> which includes cleaning, sanitation and graffiti removal has also helped.<\/p>\n Police on foot patrol has also increased.<\/p>\n \u201cWe’ve got top restaurants in the city, we’ve got Michelin star restaurants, we’ve got top bars,\u201d he said. \u201cThe night energy is really strong. But there’s always more that can be done.\u201d<\/p>\n BIV’s free newsletters cover daily business, real estate, B.C. politics and more. Sign up here<\/a> for B.C.\u2019s most important business news delivered directly to your inbox.<\/p>\n![\"chinatownplazalease\"](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/06\/chinatownplazalease.jpg;w=960.jpeg\"\/)
\nThe inside of the Chinatown Plaza as seen this week. |\u00a0Rob Kruyt, BIV
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