The building includes 110,000 sf of office and retail space and is topped by 34 condominiums, eight of which have been reserved. No leases have yet been signed for the 110,000 sf of office space, but leasing broker Eric Fuller tells GlobeSt.com that negotiations are underway for 40% of the space.
The two completed buildings, which opened this summer, contain 194 apartments that are 25% leased. The fourth building is slated as a nine-story mixed-use building to be built based upon demand. The developer is Otak of Lake Oswego.
One of the largest and most expensive urban development projects in the city's history, Vancouvercenter has been sporadically construction since mid-2000. Meantime, the city has sponsored several adjacent renovation projects, including Esther Short Park, Heritage Place Condominiums and Esther Short Commons. A hotel and conference center also is being planned for land adjacent to Vancouvercenter.
Prices for the condos range from $230,000 for a studio to $1 million for the largest units. The asking rents for the apartments range from $575 a month for a studio unit to $995 for a two-bedroom unit.
The annualized full-service asking rate for the office space is $24.50, which includes a tenant improvement allowance of $25 per sf and some free rent, says Fuller. The activity right now is coming from "fire," he says, which is an acronym for the financial services, insurance and real estate industries. The ground floor tenant likely will be a financial institution, according to local brokers familiar with the project.
Vancouvercenter's competition heretofore has been the West Coast Bank Building, a six-story, 110,000-sf mixed-use developed in 2001 by Killian Pacific. That building is now 95% leased, says Fuller, leaving the Vancouvercenter project as the only new class A office space in town.
"Tenants can find a better rate," says Fuller, "but this is the best in terms of image, quality and location."
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