The Port of Vancouver and the City of Vancouver looked at buying the private airport in 2000 because nearby Pearson Airpark, which is owned by the City of Vancouver, will be limited to historic aircraft in 2022. At that time, the Port and the City said Evergreen was increasingly becoming surrounded by commercial development, and they feared Olson may sell to a commercial developer, which would leave pilots virtually nowhere left to go in the county if Evergreen were to shut down.

Neither the city nor the port was confident the airport could pay for its self, but they also liked its potential for use in an emergency because the land sits higher than most of the rest of the area. Now if they want the land, it looks like they'll have to talk to Opus.

Opus' most recent completed project in the Portland-Vancouver area is the Columbia Gorge Corporate Center. Located adjacent to the intersection of Interstate 84 and Northeast 181st Avenue, the 800,000-sf industrial-flex development is seeking its first tenants. In 2001, Opus developed the Southwest Center office building in Tigard, Ore. The 88,335-sf three-story tilt-up opened 90% leased and was sold that November for $16.43 million ($186 per sf).

In 2003, Opus and retail developer Center Oak Properties plan to break ground on a redevelopment of the Durham Quarry. Opus plans to fill much of the pit with 3,000 underground parking spaces and at grade level develop a blend of one- and two-story retail buildings alongside five-story office buildings with ground-floor retail space. The retail would be filled with a movie theater, a grocery store, restaurants and both big name upscale chains and original retailers. To be called Bridgeport Village, the "mixed-use lifestyle center" would include first 427,000-sf of retail and later 450,000 sf of office.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.