A secured market rental building is slated for the corner of East Hastings and Penticton Street in the Hastings-Sunrise neighbourhood.
The six-storey, mixed-use building will include 46 units over two levels of underground parking.
The ground floor will include five commercial retail units, the largest of which fronts onto Penticton Street.
The new building replaces a small, mixed-use building in the Spanish revival architectural style, most recently home to an insurance broker.
The development is located near London Drugs and an adjacent, long-delayed development of rental housing by a subsidiary of the retailer.
That project has gone back to the drawing board and the vacant site continues to be used as a community garden.
An announcement on the London Drugs rental project is expected sometime this year and may include a new store.