Gramor says local team is key to success in waterfront project

[Chief]

http://www.dailyinsider.info/today.html

Local investors will assure a community-based approach to development of Vancouver’s prime waterfront project on the newly acquired Boise-Cascade site, according to Gramor Development president Barry Cain.

Gramor closed the deal on the 32-acre Columbia River site west of the Red Lion Hotel at the Quay and south of the Burlington Northern Santa Fe east-west railway berm in downtown Vancouver.

Gramor, which has 20 years’ experience developing real estate throughout the Vancouver-Portland area, has developed and has in development more than $1 billion worth of retail and mixed-use projects.

Working with Gramor are the following local investors: Steve and Jan Oliva, Allan and Saundra Kirkwood, Steve and Jo Marie Hansen and George and Paula Diamond.

At stake is a little over one-third of a mile of Columbia River real estate.

“The project will restore the city’s relationship to the waterfront, reconnect people with their river, and provide economic benefits to the city,” Cain says.

Mixed-use planning currently calls for a hotel, residential, retail and commercial spaces, and public spaces.

Gramor’s lead architects, Ankrom Moisan Associated Architects, are expected to complete a master plan later this year.

Financing of the project was handled by First Independent Bank, working with West Coast Bank and Baker Boyer Bank.

[Chief]

A few questions...

1. How did this close without a development agreement with the City of Vancouver? If the city is going to obligate to any amount of money on this, the City Council has to approve it, and to date they have not.

2. The Oregonian reported that the City was looking for $12 Million in contributions from the State of Washington and DC. What if those grants don't come through, or come through in amounts less than the City requested? What then?? Who pays, and how??

I've seen all kinds of plans from the City, the County, the Historic Reserve, the columbian, and others over the past year; all making plans on top of plans for all kinds of wild things from a "cap" over I-5 to the ridiculous streetcar schemes we've all heard about over the past year.

On top of all that is the spectre of the Columbia Crossing Project that will go right through the Eastern edge of that property, yet none of the design drawings we have seen to date show it.

Why is it that the planning for the Columbia Crossing can proceed with writing the Locally Preferred Alternative, based upon what we know right now, yet the planning for the bridge is not sufficiently advanced for it to show up on any of the City's plans for revitalization at Boise??

Most of the justifications for light rail into Downtown Vancouver are based on a thriving development at that site. The entire City Center Visioning Plan is literally a house of cards that is built largely with one foot mired in the former Boise Cascade site.

I have a few pokers in the fire this morning, and when they are sufficiently warmed, I will see what I can say about all of this later on today...

Developing....

[Chief]

Updating...

It is my understanding that at this point the City of Vancouver is not encumbered in any way by Grmor's development at Boise Cascade.

That is not to say that won't change at some point in the future, but as of right now, City Council has not approved any expenditures for that development.

As long as things stay like that, and Grmor Development wants to try to go it alone, I will not actively oppose it.

I understand that Grmor went back to Boise and got them to agree to cut the price for the property by somewhere in the neighborhood of $5 Million, which somehow made the deal more affordable. I don't know it the investors coughed up more money, or if they scaled back the plans, but it will be interesting to see the details when they finally emerge...

[Waterbuffalo]

Does it not STILL have to get a bunch of X marks the box City of Vancouver development approvals before they can build?

Still wish Gramor and the local investors the best of luck. Because they are going to need it during all of the next phases, including NEPA, SEPA and many other fine things..

[Chief]

If the City were obligated to pay anything on this project, I would have expected a formal resolution from Council that authorized the City Manager to enter into....

Absent that, I don't see how the City can be obligated in any way right now. Even if the reports of Grant applications turn out to be true, and if those Grants fall through, this would have to come back before Councilbefore anything else could happen.

We aren't done here yet either. So far, the only thing that has been discussed are the underpasses into the site.

Once Gramor has access, they will come back to the City for money for sewers, water, electric, sidewalks, streets, curbs, streetlights, and all of that...

[Waterbuffalo]

The whole subject comes down to one word, "Money."