Local Developer, Housing Authority Planning Mixed-Use Project with Lewis & Clark Theme

VANCOUVER, WA-Elie Kassab and the Vancouver Housing Authority are partnering on a $6 million mixed-use project on the southeast corner of East Seventh Street and Broadway along the transit mall. Kassab, a downtown developer, plans to break ground in the spring on a five-story, 52-unit apartment building with 9,000-sf of commercial space on the ground floor. The building itself will hang over sidewalks on Broadway and Seventh Street, offering rain protection for pedestrians. Parking for the project will be located in the parking garage beneath Kassab’s M.J. Murdock Executive Plaza, across the street from the proposed development site.

When complete at the end of 2001, the housing authority will purchase the studio and one-bedroom units and make them available to people earn 60% of the area’s median income. Kassab will retain and lease the ground floor commercial space. Jim Heitert, project manager for Kassab’s Prestige Development, tells GlobeSt that specifics of the ultimate transaction have not yet been hammered out with the housing authority. “It’s far enough along that everybody is comfortable talking about it, but there’s still a lot of work to do on the (post-construction financial) details,” says Heitert.