Gastown’s business community hopes Vancouver‘s newest tourist attraction, Storyeum, turns its cobbled streets into gold.

Storyeum predicts it will attract up to one million visitors a year for its 70-minute underground history tour.

“It’s the flagship investment,” said Jon Stovell, president of the Gastown Business Improvement Association. “It’s going to help retail and the basic viability of the area.”

Stovell figures 250,000 new visitors a year will stroll through Gastown after leaving Storyeum.

In anticipation, Gastown retailers are extending their leases, while contemporary furniture store Inform Interiors is expanding its Water Street store.

“We feel it’s very good for the area,” said Inform co-owner Nancy Bendtsen. “Storyeum is a quality show.

Under the city’s heritage plan, developers like Stovell’s Reliance Holdings are converting buildings into live/work condos.

This week, work starts on 58 more units on the former parking lot at 55 Water Street.

Storyeum has invested $22.5 million in the city-owned site, and will lease it back for 40 years.

“There wasn’t a major attraction hook [in Gastown], outside of the steam clock,” said Walt Judas of Tourism Vancouver.

“Storyeum provides that anchor that is really needed for Gastown, and gives people a lot more reason to go there and spend time.”

Judas said Storyeum will be a great selling point to tour operators and travel writers.

“This will be one of those things that will get attention around the world,” he said.

Storyeum’s vice-president of marketing, Graeme Drew, expects more development for Gastown and more social programs for the Downtown Eastside.

“Hopefully the different merchants here on the street level are going to be able to keep some more profit in the bank,” he said.

On its first day last week, more than 1,000 people visited Storyeum despite some technical glitches, said Drew.

Senior city planner Nathan Edelman said Storyeum is part of the plan to preserve Gastown as a heritage site while restoring it as a neighbourhood.

“We’re also trying to make sure there’s opportunities for the low-income population as well, in terms of securing their housing and providing job opportunities.”

© The Vancouver Province 2004