Demolition of the historic building at the corner of Bank and Flora streets to allow for new construction was unanimously approved by city council’s planning committee Tuesday.

Located at 488-500 Bank Street, the heritage building is inside the Centretown Heritage Conservation District and permission from city council is required before demolition can proceed.

If approved by city council, the two-storey red brick building will be replaced by a nine-storey condo building with retail outlets at ground level.

Heritage staff determined the cultural heritage value of the area will not be adversely affected by the demolition, according to a report to the planning committee.

The report also approves of the planned replacement building because efforts have been made to ensure it will make a positive contribution to the streetscape.

City council will vote on whether to proceed with the demolition and new construction on Feb. 27.