Vancouvercenter

Five acre Esther Short Park in the foreground of Vancouvercenter & Riverview Tower

Vancouvercenter is composed of 194 market rate condominiums in two buildings, an eleven story office / residential condo tower and a nine story office / residential condo tower yet to be constructed. The project is constructed over an underground parking structure with 800 spaces.

The project was financed with offshore equity and loan sources from the United Arab Emirates.

Steve negotiated a public / private development agreement with the developer of this project, Vandevco, through which:

• The City purchased 750 of the 800 parking spaces in the underground parking garage. The spaces were purchased for somewhat less than the cost of construction and the City agreed to operate the garage as a public parking facility;
• The City vacated 7th Street which bisected the project and the developer provided and will maintain in perpetuity a public plaza on the vacated street; and.
• The 194 residential units in the first two buildings, but not the high-end condominiums, received a ten year property tax abatement.

Steve structured similar public / private development agreements for the Heritage Place, West Coast Bank, Riverview Tower and 1111 Main Street developments.

See links for:

Vancouvercenter:
http://www.cityofvancouver.us/econdev.asp?menuid=10464&submenuID=10525&projectID=18841

Heritage Place:
http://www.cityofvancouver.us/econdev.asp?menuid=10464&submenuID=10525&projectID=18842

West Coast Bank:
http://www.cityofvancouver.us/econdev.asp?menuid=10464&submenuID=10525&projectID=22227

Riverview Tower:
http://www.canarealty.com/first-interstate-tower.html