More New Starts… Busy Summer Ahead

Last Thursday I updated the Broadstone at Block 17 Waterfront page on this site. There is a new full block perimeter fencing around the site with preparation and grading underway. It looks like Broadstone is ready to start. That is good news as the project should bring in $25-35 million to the local economy during construction and another 177 apartment units to market likely in Q2 2023.

Meanwhile at Terminal one, progress is moving steadily as the 7 story hotel is rising up behind the Cruise Ship landing. According to a press release by the Port of Vancouver and discussed in The Columbian on Thursday, the port signed a 50 year ground lease for blocks A and C. The lessee is shown as BOZ PORT OF VANCOUVER OWNER LLC which is a joint venture of Lincoln Property Company in Dallas, Texas and local firm, Bridge Investment Group. This project was teased a year or so ago and the drawings were presented in the preliminary review process. The Terminal One project is scheduled to start construction later this year and should produce close to $70 million in construction value.

I have been reporting on the 400 Washington Street block project recently. I noticed that the Hyatt Place Hotel development was approved nearly a year ago and nothing was happening. That isn’t a surprise, what with the COVID pandemic wreaking havoc on hotel business in general. But then I noticed Hurley presented a full block, 170 unit apartment proposal in front of the CCRA last year and I began to opine on this very site about the potential replacement of the Hyatt project. Last week The Columbian newspaper reported that Hurley Development is moving ahead with the full block proposal for the apartment building. Hyatt is dead, Washington Apartments is a go.

I was able to reach a lead contact at Summit Development the developer behind the Timberhouse project on Block 3. They are aiming for a May start pending some final permitting. I am excited about this project and look forward watching it rise over the next two years.

I mentioned activity at the Academy site for Phase 1 of Aegis. I have not heard from Marathon Acquisitions and Development yet, but it looks like they are ready to go. There is no underground parking on this project but I’d imagine there is a fair bit of ground prep due to the fact that the lot is a bit raised off the street surface at the north end. That may take a while to get prepped before we see the structures rise up.

I reached out to Kaiser + Path in Portland to inquire about the Trestle project proposed in 2019 for Block 14 at the waterfront. They are no longer pursuing that project. I have no other information from the developer, but I wouldn’t rule out issues with getting permitted on high-rise CLT of that height. This was to be a 16 story residential tower rising up to about 185 feet. It would have been the tallest CLT structure in the USA. CLT is an exciting new trend in building but is not without its detractors. It is disappointing that the project is not going to proceed. Hopefully we will see a future proposal from Kaiser + Path as they are a bold designer of projects that stand out in a crowded urban space.

Locally the urban condo market continues at a similar pace as it has over the last several months. Listings ticked up and so did sales. These are exciting times in Vancouver USA.

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