Arts Club Theatre Company executive director Howard Jang is excited about what a planned new arts space in a False Creek condo development could mean for his group.

The Arts Club and two other theatre groups are working together to explore the potential for sharing space in the West 1st Avenue location, Jang confirmed.

He said securing a spot in the complex would provide his Granville Island-based theatre company with much-needed extra room for rehearsals and production work.

“We’ve known our needs for quite a while, so when this opportunity came up, we were certainly interested in it from that point of view,” he told the Straight today (December 7).

“The three companies are working together to figure out whether that space will work for us,” he said.

Wall Centre False Creek Limited Partnership is developing the four-tower condo project in southeast False Creek.

The City of Vancouver is slated to take ownership of the roughly 44,000-square-foot arts space within the development once it is built, according to a city spokesperson.

The space was originally intended for use by the Vancouver Playhouse Theatre Company, which shut down earlier this year because of financial problems.

“The city gave the three companies the opportunity to figure out whether the space will work for us. We need to go back to the city—it will probably be early in the new year—to let them know…how the space will work for us. We also have to do a costing of it as well,” Jang said.

A Bard on the Beach Shakespeare Festival official confirmed the theatre company was involved in the initiative but said no other comment was available.

Pacific Theatre is also involved, according to a local news report, but the group could not be immediately reached to confirm.

Jang said the arts space is envisioned as including an approximately 250-seat theatre and room for rehearsals and administration.

City budget documents released this week identify “implementation of a major cultural amenity on West 1st Avenue through a unique partnership of three cultural organizations” as a priority for 2013.

The city and the theatre groups are providing few other details publicly about the process.