PCI Developments and Low Tide Properties have acquired a Safeway store location in Vancouver’s Kitsilano area for a proposed mixed-use redevelopment project, according to multiple reports.

The Vancouver-based companies purchased the 2315 West Fourth Avenue property from grocery story operator Sobeys for $90 million, one report states.

PCI and Low Tide have not divulged the full plan for the redevelopment project. But PCI told one publication that the revamped 2.2-acre site will include a new Safeway store, indicating that the sale agreement contains a leaseback component.

The existing Safeway store remains open. The store’s large parking lot takes up most of the property.

The project is also expected to include additional ground-floor retail spaces and a multi-family component. Such components are consistent with other projects on which PCI and Low Tide are partnering.

PCI has indicated that the project falls within the existing zoning guidelines. Therefore, the partners will file a building-permit application when ready to do so.