Good pick-up. It should be noted that this is a private sector project, presumably to be built on leased land from YVR (the airports operator).
The airport itself has a number of projects in the planning stage (now presumably on hold because of the cash crisis related to the pandemic). In addition, NavCan has plans to build a new control tower at the airport too. I thought this was going to start this year, but again, perhaps this is delayed due to the pandemic.