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.
Also on HuffPost