In preparation for the sale, Boise Cascade says it has completed a Phase II environmental assessment and has completed remediation of issues discovered in the assessment. The property is offered on an as-is basis. A closing will be scheduled prior to the end of second quarter 2006.
There is no offering price or the site, which will require new roads and utilities. One local industry source tells GlobeSt.com the site could fetch upward of $1 million per acre.
Initially developed in 1928 as a site for the Columbia River paper mill, the operation was purchased by Boise Cascade in 1962. In 1996, Boise Cascade announced it was ceasing paper manufacturing at Vancouver and transforming this facility into a paper converting plant.
Last June, according to Boise Paper general manager Miles Hewit, the company recognized that the property had greater value as a redevelopment site, one that could hold the mixed-use, urban, in-fill community City officials have envisioned on it. Several other downtown blocks already have been redeveloped with new office space, apartments, condominiums and a hotel.
The site is considered ideal for additional housing. Substantial retail or commercial isn't expected because people from Vancouver tend to shop across the river in Oregon to save the sales tax. Washington has a sales tax and Oregon does not. Confidentiality agreements can be had by contacting Debi Shaklee, executive assistant, Boise Cascade Paper Engineering Department.
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