The VAG hasn't accepted the proposed location for the new art gallery, and I think the area between the Cambie street bridge and BC place would be a far better location for a whole host of reasons. I'll ignore the fact that Concord owns the land for the time being. From the plans, the site seems to be relatively the same size.
This site works better because:
1. Access from Robson street. It is far easier to walk down Robson and through the plaza near the Terry Fox memorial and around the walkway to this site. It's not only closer, but more visible.
2. Visibility. On the waterfront, the Art Gallery would be visible to those on the seawall, those living in SEFC and briefly on the Skytrain. Next to the Cambie street bridge, it would be visible to everyone who enters Vancouver from that bridge. Not only that, but a lower building height would expose the spires on BC Place and provide views to those on Fairview slopes.
3. Access to public transit. While the current waterfront site is close to the Stadium Skytrain station, next to BC place would only be a slightly further walk. On the other hand, this site is MUCH closer to the Yaletown Canada Line station. A trade off I think is very worthwhile.
4. Access to vehicle traffic. Elevating the plaza/Art Gallery up to the level of the walkway around BC place and at or close to the sidewalk from the Cambie street bridge would possibly allow for a parkade underneath. Left in/left out entrances/exits off of Expo blvd. and Pacific blvd where the current alignment of Terry Fox way is would work very well. I don't see the loss of Terry Fox way itself to be a big deal. Traffic would continue along Expo blvd, turning left onto Nelson, then left again onto Pacific. From the Cambie street bridge, traffic could follow a similar route, left onto Expo blvd, then around Nelson and Pacific and into the parkade (and/or a drop-off area).
5. More viable public space. While being on the water would be sweet, being surrounded by residential towers on 3 sides, and BC place on the other would put this closer to more people. While not providing the views of the waterfront, the public space would focus attention on the building itself, being an Art Gallery, I hope this would be a good thing.
The property value of the land directly on the waterfront would hopefully accommodate some sort of land swap with Concord, and I'm sorry to some that half of "Colours" would be lost. I would hope the building that would go in it's place would be much more spectacular as an entrance into downtown.
I realize this would hamper the size of office space or "jobs" area, but hopefully that could be solved by allowing Aquilini to go higher with his tower, going higher with the tower next to BC Place on the SE side, or transfering the density somewhere else in the city (Canada Post site and/or the site kitty corner to it?).
With regards to the extension to creekside park, I think that location so close to both the viaducts and skytrain line would create a lot of noise that any residents would complain about. I think it's good leaving it open like that.