This is great news, but we should also be worried.
This is a terrible location for residential to be placed, hopefully this plot of land can only be developed commercial / retail.
Also, it would be nice to have a multi level department store retained here, with connection to Pacific Centre and skytrain.
Chances are the building is just going to be re clad with a new tenant (which is great), but if it is completely re-built, this could also be a good opportunity to expand Pacific Centre slightly (of possible) and build a south entrance / exit to the Vancouver City Central station, which it needs.
And yes, i would love to have it look like Daimaru in Kobe, in fact I have a picture of that exact same building and have used it as an example in the past as what to do with Sears