The Vancouver Art Gallery, shown in this undated photo, is one step closer to moving to a new home. ((HO/Tomas Svab/Canadian Press))

Vancouver City Councillors have voted to set aside a section of a downtown parking lot for cultural use, including a brand new art gallery.

The site, which is owned by the city, is the old Greyhound Bus depot on Cambie Street, one block west of Rogers Arena.

Approval to relocate the Vancouver Art Gallery is conditional. The art gallery will have to prove it can come up with roughly $300 million to build the new facility, with the site to be shared by an office tower.

The city will also explore a proposal to include a concert hall and performance theatre complex on the site. That option could involve shutting down part of Cambie Street.

City Councillor Heather Deal said, if built, she hopes the complex will be widely used.

"I would love to see something where there are people there day and night. Perhaps going to events in the evening, going to the gallery during the day, and some cafes. I'd like to make sure there are people eating lunch while they are there, and it's a lively animated spot in the city," Deal said.

The city will begin consultations immediately with the art gallery and the public on the future of downtown cultural facilities.