Photo: Wayne Moore

The building that once housed the Old Bike Shop Cafe on Doyle Avenue has been razed.

Demolition crews are working this week to clear away the debris and remnants of the old building.

The site, according to city planner Terry Barton, could become an extension of a surface parking lot.

There were big plans for that property at the corner of Doyle and St. Paul Street. At one time it was the site for the now infamous Monaco development.

Different iterations of the Monaco went before council on three occasions before finally getting the green light in 2013 for a project including towers of 22 and 30 storeys.

However, the development company, Premier Pacific was unable to get financing, and the property was purchased by investors as part of a court-ordered sale in 2016.

Barton told Castanet News the demolition of the property does not mean a development is looming.

He says plans have not been filed with his office.

Barton says he suspects a lot of property owners and developers are waiting to see UBC's plans for the former Daily Courier building first.

That could be the first of many dominoes to fall in that area of downtown.