An expert on Vancouver heritage sites says he'll be keeping a close eye on the fate of the Canada Post building in downtown Vancouver, which has just been sold to a developer.

The building, opened in 1958, has been purchased for an undisclosed amount by the B.C. Investment Management Corporation.

"It's a building that we consider to have significant heritage value, which is not officially recognized,” said society president Donald Luxton. “So, at this point in time, the owner could proceed with a scheme that would redevelop the site."

Luxton said “alarm bells should be going off” because the building has not been evaluated as a heritage site.

As things stand, the new owner could demolish the building, Luxton said.

City Councillor Geoff Meggs says the developer would have to apply to have the site re-developed and that application would include input from various parties.

In a statement, the BC Investment Management Corporation gave few details of its plans, but said the building provides a unique opportunity for a large-scale mixed-use development.

Next year, Canada Post will start moving into a new facility being built at Vancouver International Airport.

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