Upper floors of East Hastings site empty for decades.

An iconic set of adjoining buildings on the East Hastings strip most recently home to a pawn shop is expected to undergo a major renovation that will include adding 19 rental apartments and a retail business.

The addition of housing is significant since nobody has lived in the upper floors of the former B.C. Collateral and Loans buildings at 71-77 East Hastings St. for more than 40 years.

The pawn shop on the main floor has been closed for several years and the large neon “loans” sign once mounted on the west building’s façade is gone.

Located near Columbia Street, the C-listed heritage buildings are smack dab in the middle of a neighbourhood desperate for low-income housing and engaged in a mounting debate over gentrification.

But property owner Steven Lippman of No. 380 Cathedral Ventures Ltd., which owns the York Rooms and other single-room-occupancy hotels in the neighbourhood, said his project couldn’t be considered gentrification. “We rehabilitate, we re-energize, we reinvigorate, we re-use, we recycle,” Lippman told the Courier. “It’s an old junky building and we want to fix it up and put people who are low-income back in there. That’s what we do.”