An artist’s depiction of the proposed Woodward’s building makeover. — THE PROVINCE

Woodward’s extreme makeover just keeps getting better.

Simon Fraser University has now committed to being the anchor tenant for the redevelopment of the former department store on West Hastings Street in Vancouver.

It will open a 150,000-square-foot School of Contemporary Arts with room for up to 1,200 students in dance, film, music, theatre and the visual arts.

The $45-million school will feature theatres, exhibition space, studios and performance space when it opens in 2008.

“We see this project as one of the most exciting and innovative inner-city urban redevelopment projects in North America,” said SFU president Michael Stevenson yesterday.

He said SFU will borrow the money and is embarking on a fundraising campaign that could bring in a major corporate sponsor for the arts school.

SFU came on board after developers swapped land at the old Woolworth’s site next door, worth $6 million, in return for heritage density from Woodward’s that can be used on a future project.

“Redeveloping Woodward’s is key to revitalizing the Downtown Eastside,” said Vancouver Mayor Larry Campbell.

“Just imagine, when they come here for the [2010] Olympics, when they see what we’ve done.”

Coun. Jim Green, who spent 20 years trying to save Woodward’s, said after a “long, torturous road,” it’s amounting to “a perfect deal.”

“We will be finished for the Olympics, and that’s what people are going to see — a city that cares about everyone.”

Next week, the City of Vancouver is putting together a community advisory committee for Woodward’s.

The $250-million project already has earmarked 200 social housing units in addition to hundreds of market condos and live-work units.

Construction is set to start this fall.

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WOODWARD’S INFO

Location: Corner of Hastings and Abbot streets.

Cost: $250 million.

SFU: $45-million School of Contemporary Arts.

Construction: Set to start fall 2005.

© The Vancouver Province 2005