There are so many opportunities for commercial real estate investment in downtown Nanaimo, with tons of lots sitting empty, waiting for someone with a plan. It's great to see that someone is investing in the area around Albert St.
An application has been submitted to the City (update: it is approved) for building a 45-room hotel with meeting rooms and a 36-seat restaurant at the 440 Selby St. This site is adjacent to the Service BC access centre, the government building on your right as you approach the midway-point of Albert St. You may remember that there was a brightly-painted "sausage house" here a few years ago.
Here's one of the renderings submitted to the City:
This photo may help you to realize which lot is in question:
If you want to see more renderings and specs, search for "DP001054" on the City's website.