The single-screen Hollywood Theatre in Kitsilano first opened in 1935, and showed first-run movies such as Casablanca and Gone with the Wind during its days as a community cinema. But it closed in June 2011 after more than 75 years.
There was controversy about whether the art deco building would be demolished to make way for other developments, but its current owners plan to reopen it as an arts and culture space featuring live performances, movies, comedy, and private functions.
The business model would be similar to the Rio Theatre in East Vancouver.
The vision for the Hollywood Theatre could come closer to fruition this week, with Vancouver city council set to decide on Wednesday whether to grant the site a liquor licence. Staff have recommended the owners be granted a standard licence to serve booze until midnight on weekdays and 1 am on weekends.