I was thinking about that yesterday. I feel like Vantage Pointe was part of the original development? Either way, it would make sense for them to build a new one on the current parking lot (since I believe there is parking under the surface lot anyways), then demo the current store and put up a tower. It would be nice to block out Vantage Pointe from another vantage point.
Vantage Pointe and Coop were the same development. There is a parkade (I think only one floor; tbh when I lived in Vantage Pointe I never went down into the parkade below) under the entire Coop parking lot which IIRC includes stalls for Coop staff; there is an access on the Co-op side next to the through lane:
So unfortunately I think redevelopment would be a very difficult one. The eastern 2/3 of the site already has a parkade, but it's set up as controlled access for Vantage Pointe (including their small amount office space). You'd have to provide both Coop customer parking and apartment parking on the western 1/3 of the site, so there would be a very deep pit needed. But during that construction, what would happen to the store? The most reasonable phasing I can come up with for this single block that keeps a store open the entire time is:
1). Strengthen columns in the parkade under the surface lot
2). Build a half-size "Coop Express" supermarket on the north-central half of the lot, keeping the south half of surface parking open. (For reference. the existing surface parking is 55K sq ft; so half the lot would be around 25-30K sq ft. The Safeway lot at 8th St is 50K, the Mission Safeway is 40K or so - 25K in front of the store and 15K around the corner; the Kensington surface lot is 20K)
3). Demo the Midtown Market, dig crazy deep pit
4). Build many-story parkade, with coop and residential lobby at ground level
5). Reopen main Midtown Market with underground parking, convert temp supermarket to other retail uses (move Coop Liquor across 11th?)
6). Build apartment tower on top of Coop.
Which would not be a great setup from Coop's perspective for several years, and I don't think makes a lot of sense considering there's a ton of low-density land use in the area, including the crappy strip mall on the north side of 10th Ave.