Vancouver developer Onni reaches deal to buy former Hudson's Bay building | Daily Hive

Vancouver developer Onni Group reaches deal to buy former Hudson's Bay building

Hudson's Bay flagship store in downtown Vancouver. (Kenneth Chan)

A prominent Downtown Vancouver landmark — the former Hudson’s Bay flagship department store building at 674 Granville St. — could soon change hands, with a new court filing revealing a proposed sale to a major local developer.

According to a report by court-appointed receiver FTI Consulting Canada, filed in Ontario court proceedings on April 27, 2026, the property is subject to a pending sale to Onni Development Capital Corp., part of the Onni Group, one of British Columbia’s largest real estate developers.

The deal is part of a broader effort to sell off several former Hudson’s Bay Company (HBC) retail properties across Canada after the historic retailer ceased operations in June 2025.

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This Vancouver property is one of four major properties being marketed through a specific court-supervised receivership process led by FTI Consulting Canada.

Like the other properties, the building has been vacant since mid-2025, creating pressure to sell due to mounting holding costs such as insurance, taxes and maintenance. Since the date of the receivership order, nearly a year ago, these combined costs for all four properties have exceeded $9.8 million cumulatively.

The receiver confirmed that a purchase agreement with Onni for the Vancouver property was signed on April 23, 2026.

However, the transaction has not yet received court approval — a required step in insolvency proceedings. The receiver indicated it plans to return to court in the near future to seek approval once certain administrative steps are completed.

The Vancouver property was marketed through an international and national campaign led by commercial real estate brokerage firm CBRE, attracting significant interest. The report highlights that roughly 1,600 parties were contacted broadly, with about 80 directly solicited and 32 signing confidentiality agreements to access detailed information. Nine site tours were also performed for the prospective buyers. CBRE first announced the property’s court-ordered sale in early December 2025.

fifa world cup branding hudsons bay vancouver

FIFA World Cup dressings installed onto the empty storefronts of the former Hudson’s Bay Vancouver flagship store building. (Kenneth Chan)

The receiver ultimately concluded the Onni bid represents one of the best available outcomes, stating that the Vancouver deal, along with others, “represent the highest and best transactions available at this time.” The proposed purchase price was not disclosed.

According to BC Assessment, as of July 2025, the property is worth over $171 million, with $139.3 million coming from the land and $31.9 million from the structure.

One notable feature of the Vancouver sale agreement is a break fee — a payment owed to Onni if the deal falls through under certain circumstances. The receiver acknowledged the fee is “towards the higher end of the typical range,” but emphasized it was a key negotiated term and likely necessary to secure the offer.

This means Onni has some protection if another buyer emerges or the deal is otherwise disrupted.

Daily Hive Urbanized has reached out to Onni for comment.

Before the sale can close, several legal and administrative steps must be completed, including transferring title from HBC, which currently holds the property as a “nominee owner.” The receiver said it is working to finalize those arrangements and expects to seek court approval soon.

New civic pride mural for the former Hudson’s Bay lower underground level storefront at SkyTrain’s Granville Station. (Kenneth Chan)

Condition of Hudson’s Bay’s downtown Vancouver store in its final days, as seen on May 24, 2025. (Kenneth Chan)

If approved, the sale would mark a significant shift for one of Vancouver’s most recognizable buildings — almost certainly opening the door to a significant high-density, mixed-use redevelopment that retains the heritage-protected iconic facade.

Within the 1.76-acre lot, this building has nine levels, including two underground retail levels and two entrances into SkyTrain’s Granville Station. It has a total building floor area of about 618,000 sq. ft., with average floor plates of about 70,000 sq. ft. Most of the building, in its existing form, at the northeast corner of the intersection of West Georgia Street and Granville Street, spanning most of the city block, was built in 1927.

Over the years leading up to HBC’s complete closure, amid growing financial challenges, the department store chain performed a high degree of deferred maintenance of many of its retail properties. The Downtown Vancouver building was in poor condition at the time of its closure in June 2025.

There is already an example of what may be possible for the site’s future, particularly in how heritage elements can be preserved while allowing for vertical expansion and the introduction of significant new uses. In 2022, as a key project of its newly created real estate development division aimed at optimizing its properties, HBC announced a proposal to redevelop the Downtown Vancouver building into a high-density, mixed-use retail and office complex.

This cancelled redevelopment plan would have preserved the heritage facade, fully demolished the existing interior floor plates, and added 12 new floors above the heritage podium. The proposal included approximately one million sq. ft. of office space and 400,000 sq. ft. of retail and restaurant space, including a downsized Hudson’s Bay department store on the lower levels.

There is now even greater density potential through added verticality, following Vancouver City Council’s 2024 relaxations to the protected mountain view cones across the city, which now enable greater building heights for many strategic and centrally located sites.

674 Granville Street Vancouver hudsons bay redevelopment

Cancelled concept: Artistic rendering of the redevelopment of Hudson’s Bay’s Vancouver flagship store at 674 Granville Street. (Perkins & Will/Streetworks Development/Hudson’s Bay Company)

hudsons bay vancouver redevelopment model 674 Granville Street

Cancelled concept: Model of the Hudson’s Bay Vancouver redevelopment. (Kenneth Chan)

Onni is a highly experienced developer responsible for some of Metro Vancouver’s largest projects, including the recently completed Gilmore Place in Burnaby’s Brentwood district.

That development features a major concentration of retail and restaurant space, creating Brentwood’s second-largest retail hub, alongside significant residential uses. The first phase is anchored by the Two Gilmore Place tower — currently the tallest building in Metro Vancouver.

They are also behind several other major projects across the region, including the 21-acre, high-density Langara Gardens (Pearson Dogwood) neighbourhood on the Cambie Corridor. The developer has plans for a large mixed-use project featuring residential, hotel, and retail space next to the SkyTrain’s future Great Northern Way-Emily Carr Station, as well as significant developments near Lougheed Town Centre in Coquitlam and in Surrey City Centre.

gilmore place brentwood burnaby july 2025

Gilmore Place, July 2025. (Kenneth Chan)

gilmore place brentwood burnaby july 2025 skytrain gilmore station

Gilmore Place, July 2025. (Kenneth Chan)

Some of Hudson’s Bay’s largest locations of greatest historical significance and at prime foot-traffic locations are tied up in a 2015 joint venture with RioCan Real Estate Investment, separate from the main receivership process for the majority of the company’s assets. This joint venture is largely controlled by HBC, which owns 78 per cent of the partnership, and RioCan with the remaining 22 per cent.

In early June 2025, at the request of RioCan, due to the partial rent payments and high debt for the properties, the joint venture was transitioned into a court-approved receivership, with FTI Consulting Canada appointed to lead the process to displace management and liquidate assets. RioCan no longer has joint control over the joint venture, but continues to have major influence and so continues to account for the joint venture as an equity-accounted investment.

This week’s legal filing by the receiver also outlines planned sales for three other former Hudson’s Bay properties, though none have been approved yet. In Ottawa, the Rideau Street building is under contract with a numbered company, with closing expected soon after court approval. The Downtown Calgary property is set to be sold to Astra Real Estate Corp., though that deal involves a longer timeline and the transfer of existing agreements tied to the site. In Windsor, the Devonshire property is being sold to Circle Retail Properties LP, linked to the nearby mall owner, with a quicker closing expected. The receiver also plans to seek court approval for all three of these deals soon.

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