In 2003, the City of Vancouver purchased the Woodwards building from the province for $5 million, and began a public consultation process, asking the community what they wanted from the redevelopment. After a two stage competition between three developers, in September 2004 the city selected Westbank Projects/Peterson Investment Group to develop with Gregory Henriquez of Henriquez Partners Architects to lead the design of the new buildings.

The 400 million dollar project, includes 536 market housing units, 125 singles non-market housing units to be operated by PHS Community Services, 75 family non-market housing units to be operated by Affordable Housing Society, Nestors Food Store and London Drugs, TD Canada Trust, The National Film Board of Canada and civic offices, a daycare, public atrium and plaza, and a new 130,000 sf School for Contemporary Arts addition to the Simon Fraser University downtown campus. The oldest part of the complex (built 1903–1908) will be restored, and will serve as 31,500 SqFt of non-profit office and community space. Construction began in winter of 2006, with a completion scheduled for the end of 2009.

The "W" neon sign that topped the building on the Eiffel Tower replica was removed before the demolition and will be replicated when the new development is complete.

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