February 13, 2012
It could take at least two years, maybe longer before construction of a fancy waterfront development starts on the former Boise Cascade site in downtown Vancouver, said a spokesman for the development.
The project update is something I forgot to mention in my Sunday story, Firms, workers like amenities of downtown Vancouver, about "creative-class" companies moving into downtown Vancouver seeking loft spaces and older buildings to renovate. The story was illustrated with photos and an aerial map of the downtown core that shows the waterfront site.
Obviously, there's just not enough demand to start the planned development, which calls for at least 2,500 residential condos and apartments, 400,000 square feet of office space and 100,000 square feet of retail and office space.
"It's not going to start before 2 years from now," said Barry Cain, president of Tualatin, Ore.-based Gramor Development, an investor and spokesman for Columbia Waterfront LLC, local developers of the project that include Steve Oliva, Allan Kirkwood, Steve Hansen and George Diamond.
The city expects to spend $600,000 designing a city park that will front the water with green space and a new section of Renaissance Trail. Cain said work could start on the park by next year.
But there's no sense in starting the project's new housing, retail and office space until the tenants start lining up.
"We know we've got restaurants and some retail," Cain said. But, he said, the demand hasn't come yet from the still slumping housing and hotel markets.
Project plans call for 21 city blocks of development. The adjoining park is to include pedestrian and bicycle paths, connections to the waterfront and open spaces for wildlife viewing.
