Awesome responsibility
Steve Lane/Columbian
Wednesday, January 30, 2008
BY JONATHAN NELSON
In a landmark agreement, Gramor Development announced Tuesday the completion of a deal that will transform 32 acres of prime Vancouver waterfront property into an urban neighborhood that someday could be worth as much as $1.2 billion.
Gramor, of Tualatin, Ore., is to close this week on the $19 million sale of 29 acres it is buying from Boise Cascade. Gramor, the development partner for Columbia Waterfront LLC, plans to take the now bare former mill site and three acres it is leasing from the Port of Vancouver and sculpt a project filled with offices, housing, a hotel, parks and waterfront restaurants.
The Boise project is perhaps the capstone in the newest chapter of downtown Vancouver's makeover. There are plans for five major projects in the downtown core that promise to increase housing, office and retail space, and bring the city a new downtown library.
Gramor's riverfront site, however, is one that has captured the public's attention because of its location, magnitude and potential.
"Whatever we do is going to change the face of Vancouver," said Barry Cain, Gramor president. "We feel an awesome responsibility."
David Copenhaver, vice president of development at Gramor, said the company will be meeting with several neighborhood, business and community groups in the coming months to talk about details of the development. The company hopes to submit formal plans to the city by midyear and start construction by 2010. At completion, the capital investment could be between $900 million and $1.2 billion, Copenhaver said.
Gramor and local investors Steve and Jan Oliva, Allan and Saundra Kirkwood, Steven and Jo Marie Hansen and George and Paula Diamond confirmed in 2006 that they won the right to buy the Boise land. It took 18 months to close the sale because of a complex land swap involving the Port of Vancouver, BNSF Railway and Boise that pulled a rail spur out of the Boise site and allowed the port to redesign rail access into its facility. The land exchange agreement is expected to be completed this week, clearing the way for Gramor and Boise to finish the sale .
Transcending uncertainty
Cain acknowledged that buying Boise's land might seem ill advised, given the struggling economy and shaky housing market, but said the opportunity to connect Vancouver to the waterfront "transcends economic times."
Ankrom Moisan Associated Architects of Portland has been hired as the lead architect. Cain said the firm designed several buildings in Portland's Pearl District, but added that Gramor won't be constructing all the buildings.
A significant unknown with Gramor's plans is the alignment of a new Interstate 5 bridge, which could affect the Port of Vancouver's Terminal 1, where the Red Lion Hotel at the Quay sits. Cain said that could alter the intention to start construction on the eastern edge of the property and move west .
Regardless of the obstacles, state of the economy and housing market, interest is high in Gramor's work. Copenhaver said he fields an average of five calls a week from people interested in waterfront condos and office space.
Cain said that speaks to the allure of the Columbia River.
"This is one place where we're way ahead of Portland," Cain said. "That is a serious body of water to look over."
Update
Previously: Local investors and Tualatin, Ore.-based Gramor Development submitted the winning bid in 2006 to buy 29 acres of waterfront land owned by Boise Cascade.
What's new: The sale is expected to close this week, 18 months later.
What's Next: Gramor will conduct a series of meetings with community, civic and business groups before submitting formal development plans to the city. Construction could start in 2010.
http://www.columbian.com/news/localN...onsibility.cfm