Open house features Boise site
Friday, February 17, 2006
JONATHAN NELSON Columbian staff writer
For sale: Twenty-nine acres in Vancouver that represents a rare opportunity to transform land along the Columbia River, the Pacific Northwest's great waterway.
The lucky buyer will scrub away an industrial footprint and sculpt the property into a vibrant neighborhood of condominiums, restaurants, boutique stores and offices.
Seller is not interested in dealing with the curious or tire kickers.
So who is going to buy the Boise Cascade property and take on the city's grand vision to tie downtown to the river?
The answer might come from among the representatives of 49 potential purchasers who attended an open house at the site Wednesday. This, however, was not an ordinary tour. Developers from across the country needed to show genuine interest in the project and the financial ability to pay for the transformation.
Linda Alden, Boise communications manager, declined to name those attending the open house or say what the criteria was to qualify for the event. Boise announced in June it would sell the property, but took the unusual marketing tact of offering the site, as is, through a bidding process, which closes March 17.
The Boise sale is the second industrial site along the river to go on the market in the past year.
Portland's Schnitzer Investment Group wants to sell the 226-acre Columbia Business Center complex about a mile upriver. The business park is expected to remain a site for a mix of businesses, including industrial tenants.
Boise's all-day event gave possible buyers a detailed financial outlook for the property; a look at environmental issues tied to the site; and information from city, the Port of Vancouver and transportation agencies.
Vancouver Mayor Royce Pollard gave a short presentation to the group as it met at the Hilton Vancouver Washington. He said he recognized a few faces in the group. He was not surprised at the number of people that came for the tour.
"This is a big opportunity," he said.
Pollard said he went to the back of the room after his comments and watched a lot of notes being taken.
While the city can't directly influence the direction of the Boise project, it made its wishes known in 2005 when it adopted a development plan for the Main Street corridor and along the riverfront, west of the Interstate 5 Bridge.
The conceptual design included much of the Boise property, but sale of the company's land was nothing more than a dream.
Boise wanted to go to market with the property in June, but a rail line that runs through the site caused a delay. Enough progress has been made on a solution to the rail link issue that Boise decided last month to move ahead.
The land's industrial history began in 1905 when it was home to a sawmill and later a paper mill.
Boise bought the property in 1962, eventually closing its papermaking operation in 1996, a move that eliminated 200 workers.
Production was retooled for a work force of 50 people who have made a variety of coated security papers, primarily for the banking industry.
Jonathan Nelson covers the Port of Vancouver. He can be reached 360-759-8013 or via e-mail at
jonathan.nelson@columbian.com.
Update
Previously: Boise Cascade said in June it would sell its Columbia River waterfront property.
What's new: Prospective buyers toured the site Wednesday.
What's next: Bidding remains open until March 17.