The 26-storey building was proposed for a site beside the Waterfront Station at 555 Cordova Street. It would sit alongside two heritage buildings.
But the the design was criticized for looking like a "blob" and the city's design panel decided against it because of design flaws in the lower portion of the building.
Niall Collins, the senior vice president of development for Cadillac Fairview which proposed the tower, said the company will take another look at the project.
"We understood the message that there are certain aspects they want us to go back and re-visit. And to go back and collaborate with the city with certain points that were raised during the discussions," said Collins
"The way the panel expressed some of their opinions. It's not to one single point. It's how many aspects work together. And I think that's where the discussion was directing us to go back and have conversations with the city.
Collins says neither he nor his team has an exact time frame for when the redesign might be complete.