Gramor Unveils Images of In-Progress Waterfront Development
- Sep 22, 2017
Once construction wraps in 2020, The Waterfront Vancouver will be Vancouver, Wash.’s largest commercial urban development to ate. Situated along a half-mile parcel on the south-facing side of the Columbia River, the mixed-use development will deliver 3,300 residential units, 1.25 million square feet of Class A creative office space, unique retail, flagship restaurants and a boutique hotel to the Southwest Washington city.
The city of Vancouver, Columbia Waterfront LLC and Gramor Development Inc., formed a unique public-private partnership to execute this multi-phase project, with construction commencing in November 2015. The first buildings are scheduled to open in spring 2018.
The destination—which offers mountain views—is located just across the Columbia River from Portland, Ore., and within a 10-minute drive to that city’s downtown core. From downtown Vancouver, the waterfront development is within walking distance.
Reimagining the riverfront
“Downtown Vancouver had been held back for decades, with an old paper mill that took up all of the area’s waterfront on the spectacular Columbia River,” Gramor President Barry Cain told Commercial Property Executive. “I saw this as a huge opportunity to be involved with an event that could completely transform the downtown and people’s perception of Vancouver as a whole.“
In addition to breathing life into an otherwise quiet stretch of river frontage, The Waterfront Vancouver offers community benefits, as well. The urban epicenter that the development will foster is projected to bring more than 10,000 jobs, as well as over $385 million (the present value of state and local taxes over the next 20 years) to the region’s economy, according to Gramor.
“The Columbia River is by far the most significant natural resource in the Portland/Vancouver metropolitan area,” Gramor President Barry Cain told Commercial Property Executive. “To integrate all the uses—residential, office, retail and restaurants with a $35 million park on the Columbia River—is truly unique.”
The Waterfront Vancouver project is moving along apace, thanks in part to a $42.5 million construction loan, which Gramor secured in June of this year.
Images courtesy of Gramor Development Inc.