Looking at the City's VanMap, it looks to me as if the residential strata lots are all an air right parcel on top of the parking shared with the office tower to the north, so it's going to be a complicated legal extraction to create a straightforward development opportunity. That older (1983) office building has a valuation over $200m, so it's not likely to redevelop. The adjacent 2-storey building appears to be in separate ownership, and it's probably impossible to develop on its own, but easy enough if incorporated with the residential site. That would be where the big density increase could occur.
It was built in 1938 as a car garage and dealership, with rooftop parking.
The density here is 7.3FSR (because of the office) and Electric Avenue is 8.1FSR, so it would almost certainly have to be a rezoning if the office stays.