High-end real estate firm Cascade Sotheby’s International Realty is opening an office at Vancouver’s downtown waterfront.
Thursday’s announcement marks the fifth tenant at the private waterfront development fronted by Gramor Development, which is investing $1.5 billion in the project.
Cascade Sotheby’s will take up 1,500 square feet on the ground floor of Block 6, which is part of the project’s first residential and retail building to go up. The office will be part of what Gramor is calling The Shops on Waterfront Way, a concentration of retail below five floors of apartments.
“We’ve envisioned The Shops as the focal point for the entire development as a showplace for the whole waterfront community, to feature upscale retailers, shopping and eateries in a new urban district for the 2.5 million metro-area residents,” said Barry Cain, president of Tualatin, Ore.-based Gramor Development.
For Cascade Sotheby’s, the waterfront office will be its 12th location in the region when it opens early in 2018. Sotheby’s International specializes in luxury real estate and has offices around the world.
“We are so excited about the future of this extraordinary development and wanted to be on the ground floor,” said Cascade Sotheby’s CEO Deb Tebbs in a statement. “Cascade Sotheby’s focuses on selling extraordinary properties for extraordinary individuals, so this was a perfect fit for our brand.”
Two restaurants, WildFin American Grill and Twigs Bistro and Martini Bar, have already been announced as part of the waterfront redevelopment, where on Thursday workers continued to toil as a decade-long vision began to take shape.
The first announced tenant was M.J. Murdock Charitable Trust, which along with the restaurants has an early-2018 opening date. Hotel Indigo, a mix of boutique hotel rooms and condominiums, could open by summer 2018.
Cain hinted there may be more announcements to come.
“In early 2018, in addition to The Shops on Waterfront Way, we’ll have five restaurants opening at Grant Street Pier,” he said in a press release. “In total, six buildings will be under construction, comprising two restaurant buildings at Grant Street Pier on blocks 9 and 12; a residential tower and an office building on Block 6, and the hotel/condo development on Block 4. The build out of the shoreline park along the water is also in full swing as well, with the new designs for Headwaters Wall and the Grant Street Pier.”
In planning since 2008, Gramor’s waterfront plans comprise 21 blocks over 32 acres and will feature a cable-supported pier and $17 million, 7.3-acre city park.
The Port of Vancouver has its own vision for the waterfront just upstream of the private development, and already it has a restaurant open there in the former Red Lion Vancouver at the Quay — WareHouse ‘23.
Terminal 1, as the project is known, will include several blocks of mixed-use development near where Columbia Way meets Columbia Boulevard. Other than the announced AC Hotel, a Marriott brand coming to the waterfront site, and future biotechnology tenant AbSci, the port is still nailing down the specifics of its vision.
Last week the port submitted planning documents to the city, setting up the process to get approval and start turning dirt, perhaps as soon as fall 2017 if everything goes smoothly.