The $500-million redevelopment project, one of the largest in Oregon's history, will take between eight and 10 years to build out. It is being developed by locally based Costa Pacific Communities, which was chosen by the State of Oregon and the City of Wilsonville to master plan the development in 2001. The project received master plan approval from the City of Wilsonville in August 2003.
At completion, Villebois will contain three distinct neighborhoods, each with a central core. Housing will increase in density from the outer edge of the property toward the higher-density Village Center with residential-over-retail buildings, office and commercial space situated around a central plaza. There will be parks, 130 acres of open space and a public elementary school. Approximately 56% of the homes will be apartments and condominiums.
Costa Pacific Communities is best known for its work co-developing Orenco Station, a 209-acre transit-oriented community in Hillsboro that the National Association of Home Builders in 1999 chose as "Master Planned Community of the Year." CPC president Randy Kadlub tells GlobeSt.com that his company will pay the state a minimum of $15.9 million for former state hospital site that comprises the vast majority of the development. The state could make more money if property sales bring in more revenue than expected, he says.
Seattle-based HomeStreet Bank is providing the financing for the land acquisition and the pre-construction site work. Financing for the vertical construction has not yet been secured. The first 60 homes are scheduled to be available for occupancy in the summer of 2004. As for the commercial components of the development, such as the 17-acre Village Center, Kadlub says they will come when there are enough people around to support it.
It took several years to get a grocery store in place at Orenco Station, says Kadlub, and now there is close to 100,000 sf of retail there, including a Kitchen Kaboodle located next to the New Seasons Market. "We have to have a critical mass of rooftops in place before there will be demand for doing some of the town center type stuff," says Kadlub. "It could be a year from now or four years from now."
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