Specifically, the project includes 138 condominiums, a 60,000-sf office building, an 8,000-sf restaurant and a private96-slip marina with rec building. The first phase, which is 85% reserved and being financed by U.S. Bank, will include 45 condominiums in three buildings that will sell for an average of $695,000.
The managing developer of the project is Courtesy Development, which is owned by Rick Ruggiero. Ruggiero tells GlobeSt.com that financing is still being arranged for subsequent phases, but adds that the speculative office portion of the project should begin in less than 90 days and entire project should be completed in about 18 months.
"The office market is soft, but there's nothing like this in Vancouver," says Ruggiero. The Hickey family, the longtime owner of the land, is a partner in the office project. The full-service asking rate for space in the building will be $28.50 per sf, says broker Kimbal Logan, who is coordinating the project for Ruggiero.
John Wagner, a senior planner with the City of Vancouver, tells GlobeSt.com foundation work is underway at the site while final site plan approvals are being processed. He describes the two story office portion of the project as "one building that looks like two, all built over the top of an underground parking garage." Its dimensions will be 35-feet high by 363-feet long by 99-feet deep.
Wagner says he's been working on the project, on and off, for 12 years. "We started on it in 1990 and gave out our first permit in 1991, for the office," he says, adding that there is a history of litigation related to the site that has eliminated access to the property from the east.
Prior to Ruggiero's higher-end, lower-density project, the site was slated to hold nearly 300 townhouse units and 70,000 sf of office space. The developer was Pacific Realty of Washington, which optioned the site in late 1999 but never sealed the deal. Logan, who represented the investors who were going to joint venture with Pacific Realty, says the company has financial problems that made his would-be investors "reluctant to go forward."
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