The Rex truly was a great loss to the city. However, at least the building was used for another purpose. The more opulent Pantages Theatre across the street was torn down to make way for a a very useful... wait for it...
parking lot..which it stayed for the next 30+ years!!!
Vancouver was once home to some of the very best theatres in all of North America trailing only Chicago, New York, and San Francisco. But then again, we actually put a value to things like that back then *sigh*