A century-old Burnaby Street building could get a new lease on life, according to a recent planning application.

The application, submitted earlier this month, proposes restoring The Arcade with a combination of retail and residential spaces.

According to the plans the lower floor would still house two retail businesses, but the two upper floors would become a pair of two bedroom apartments.

Meanwhile the roof of the building would become a terrace accessible to residents with hot tubs and awnings for shade.

The Arcade dates back to 1910 and in the early 1900s it was home to a grocery business, a shoe shop and a photography studio.

However the building has now been vacant for more than 20 years.

In 2015, plans to turn the building into a combination of retail and residential property were announced, with developers looking to turn the building into four one-bedroom city lofts, topped by a two-bedroom penthouse suite, and with two retail outlets at street-level.

As part of the project, the developer said they intended to preserve as much of the original building as possible, including the distinctive pink façade.

Further plans were approved for the building in 2017 with a total of nine residential units included, but that approval expired earlier this year.