my understanding was the TransLink owns/will own where the Rogers/Fido store is; the block from 8th-Broadway and Arbutus-Greenway. i would also make the Dulux Paint store the station house, which is just East of the Arbutus Greenway. i think it would work decently although it would require purchasing a large chunk of land, so probably wouldn't happen
if they do that, buses could turn left onto Arbutus and then there could be a large entrance to the bus station to allow buses to turn right into the property and you could build "lanes" with "platforms" allowing the buses to line up and having people board.
the 1 block of parking on Arbutus could be removed because it would have a very very minimal impact. the new signal on Broadway and the Greenway would be timed with the Arbutus signal and the bus signal so buses get a green to fill-in the space when Arbutus and the Greenway are red on Broadway. (the E/W directions could be timed differently so WB traffic clears the gap by turning red before Arbutus, and EB could turn red slightly after Arbutus does; but it would shorten the time the Greenway is green, so probably wouldn't happen).
then, once the bus station isn't needed anymore, the bus station could be turned into a park on Arbutus Greenway with one-day connecting to Delamont Park with the Montessori Day Care disappearing.