The project contains three floors of condominiums above 14,500 sf of ground floor retail, of which about 7,000 sf is already leased to Starbucks Coffee, Parkwest Studio Hair Salon, Subway, and Vancouver Gift & Wine Cellar. The remaining spaces, which range in size from 567 sf to 2,386 sf, are being marketed at between $19 per sf and $21 per sf by Norris Beggs & Simspon's Pam Lindloff.
Heritage Place was designed by Larry Wilson Associates and was built in 2000. It is the second of five major projects being developed in Downtown Vancouver, and is the first residential building constructed in the Esther Short Park Redevelopment Area.
In February, Al Angelo named Norris Beggs & Simpson the leasing agent for the retail and office portions of Four Seasons, an 80-acre master planned development at Northeast 112th and Burton Road in Vancouver. Lindloff and Tamara Fuller have the assignment, which was transferred from Trammell Crow.
So far, an 89,000-sf shopping center has been developed, of which Safeway has leased 56,000 sf. About 16,850 sf remains available. Asking rates are $18-$22, triple net. The leasing assignment is expected grow in due time. Future plans include development of at least 93,000 sf of additional retail space, as well as office space.
The existing space is Phase I of Four Seasons, an 80-acre master plan project that includes residential, assisted living and office buildings. "Our next step includes 15 to 20 acres of commercial property to develop, says Craig Angelo, co-owner of the Al Angelo Company. "We will move closer as we entertain future lease proposals."
Filling out what retail does not remain available are Subway, Perfect Look, and Kim's Grill & Teriyaki. Pizza Schmizza and the US Postal Employees Credit Union are expected to occupy additional space by the end of March.
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