In a survey of its members, the Kitsilano Chamber of Commerce found that 62 per cent of respondents do not want to see the street closed to commuter traffic.
The chamber's executive director Cheryl Ziola says business owners are concerned about congestion on 4th Avenue and the loss of parking spots.
"People don't recognize the value of something until it's gone," said Ziola in an interview with Stephen Quinn on CBC Radio One's On the Coast.
"Now that there's some threats of the road being closed, there's a lot of people voicing some strong opinions about it."
Ziola added that many members of the chamber of commerce believe Vancouver's municipal government has an agenda to address only cyclists' concerns and that the public consultation process is an exercise in futility.
"Our members want to see some compromise that addresses a shared-use model...it shouldn't be bikes versus cars," she said.
The City of Vancouver has proposed two options for Point Grey Road. One would still allow for westbound commuter traffic with new bike lanes added.
The other would close the street to all but local traffic. The changes would take place between MacDonald Street and Alma Street, a 1.3 kilometre stretch of road.
The city is accepting feedback on the proposal from the public via questionnaire until June 10. City staff will make their recommendation to council later this summer.
On the Coast is on the air every weekday between 3 p.m. and 6 p.m. on CBC Radio One. 88.1 FM / 690 AM in Vancouver.