http://djcoregon.com/news/2010/09/03...ere-from-here/
Vancouver’s waterfront: You can’t get there from here
POSTED: Friday, September 3, 2010 at 01:29 PM PT
BY: Nick Bjork
Tags: Gramor Development, Vancouver
(Photo by Dan Carter/DJC)
Before beginning the Vancouver waterfront redevelopment project, Gramor Development, BNSF Railway and a team of government agencies will raise train tracks, that currently block downtown from the site. They will also extend Esther Road and Grant Road down to the site. The access project is expected to cost $44 million. (Photo by Dan Carter/DJC)
Vancouver, Wash., waterfront development groundbreaking
What: Vancouver waterfront redevelopment access project groundbreaking
When: Wednesday, Sept. 8 from 4-6 p.m. Formal program begins at 5:15 p.m.
Where: The waterfront redevelopment site, located just west of Vancouver Landing and the Red Lion Inn at the Quay
Who: Speakers will include Gramor President Barry Cain, Vancouver Mayor Tim Leavitt, Washington Senator Patty Murray and Washington Representative Brian Baird.
The city of Vancouver, Wash., and Gramor Development will break ground tomorrow on the first phase of a long-anticipated $1.3 billion Vancouver waterfront redevelopment project.
But before the public-private team transforms the 31-acre former Boise Cascade site into waterfront parks, downtown restaurants and corporate headquarters, the team has to build a way to get there.
Right now, most of the site is separated from downtown Vancouver by railroad tracks. Gramor, BNSF Railway and various government agencies will spend a total of $44 million to raise the tracks and build roads under them.
“We got into the visioning process for what we wanted to see on the land, and then we realized there wasn’t a convenient way to get to the waterfront from downtown,” said Barry Cain, president of the Tualatin-based Gramor Development. “It’s funny because downtown is so close to the water, but you can’t get there from it.
“We’re going to change that.”
Gramor will put $8 million down on the access project, the railroad will pay $2.5 million and the rest will come from a mix of city, state and federal sources.
Once the access project is done, Gramor will begin redeveloping the 22 city blocks it bought in early 2008.
The first phase of work will include building a public park and esplanade stretching a half mile along the waterfront. It will also include a hotel, two restaurants and office space that Cain thinks would be a perfect fit for high-level corporate tenants.
“This is very much on the scale of the Pearl District,” said Cain. “This project is a game changer for both Vancouver and the region.”
When Gramor is done with redevelopment work on the site, 21 buildings there will boast 800,000 square feet of office space, 200,000 square feet of retail space and 3,000 housing units, said Mark Brown, government relations coordinator for the city of Vancouver.
“The scope and scale of this project is unprecedented,” Brown said. “It’s literally going to be a city within a city.”
Despite the sluggish economy, Gramor has been hitting pay dirt when it comes to finding financing for its projects.
Last month, the development firm broke ground on three development projects around the region: a Costco-anchored development in East Vancouver known as Lacamas Crossing, a $60 million retail and office development at Progress Ridge in Beaverton and a Fred Meyer-anchored development in Wilsonville.
The waterfront project is the latest job opportunity with Gramor. The project to raise the tracks along the Boise Cascade site alone will create between 600 and 700 construction jobs, Brown said.
The city estimates another 10,000 long-term construction jobs could be created once work on the park, esplanade and buildings begins, he said.
The project is expected to leverage $30 in private investments for every $1 spent by the public.
The project is estimated to cost $1.3 billion. The entire scope of the project will take 10 to 15 years to complete.