It’s rather sunny this week and the outlook for commercial and residential development in Vancouver is also very sunny right now. Several large scale urban residential projects are now or very soon to be underway. The Broadstone development on Block 17 at the Waterfront has its tower crane base in place. The crane will go up as soon as the concrete is set. The Aegis project is also underway, but that one will have a fair bit of ground prep before a crane goes up. I am still betting on a May groundbreaking for the former Timberhouse project now dubbed, “The Third” on block 3 of the waterfront.
For all the young families that are moving into the urban core, a brand new elementary school is going up. This school was originally part of the Library Square project that seems to be rather quiet at the moment. The school was to be among three to four mid-rise and high-rise structures on the former Carr dealership property on C Street just south of the library. That school is now rising up behind officer’s row across from Clark PUD on Fort Vancouver Way at Mill Plain. The school is still using the working name “Downtown Elementary” we will see if that holds up.
Activity continues at a brisk pace on Block Ten as the multi tower project is now rising above the two story podium. The office tower is an all concrete and steel affair on the east side facing Washington Steet while the residential tower will have the upper 5 floors in wood frame. Although this project is a little smaller in scale than Holland originally proposed, it is still a full block development with six and seven story towers. It also fits in with its surroundings nicely. I look forward to watching this rise up over the next several months.
Meanwhile, down on the waterfront a bustling construction environment continues. Kirkland Tower and the Indigo Hotel are inching closer to completion. It looks like the Hotel is still on track to open first perhaps in mid-summer with the 12 story condo tower looking more like a late summer opening. We shall see. That is a big project valued somewhere in the $100 million range, COVID and the supplies shortage has likely played a role in delaying this one some six to eight months. There hasn’t been a lot of interior renders for the hotel since the project was approved in 2018. But this is an open atrium hotel. There will be an open area on the second floor with floors 3-8 rising up around it and a giant skylight roof at the top will shower natural light below. This is going to be one of the nicest hotels in the entire Portland-Vancouver metro-area.
Another hotel is rising up really fast on Terminal One. Vesta Hospitality is working hard to get this seven story AC Marriott up right in front of the cruise ship landing that is under a complete renovation right now. I also could not help but notice a second mobile crane hovering over the remnants of the old Red Lion at the Quay. It looks ready to smash the porte-cochère that still stands along with parts of the old hotel. So long Quay! I hope the Port of Vancouver USA decides to keep the “Quay” reference perhaps calling the future open air market the “Market at the Quay” or something 🙂
In condo news, there was a flurry of new pending sales this past week. Two were new listings that sold quickly. The inventory Downtown condensed a bit while things at Columbia Shores were neutral.