Developer snags $43M construction loan for $1.5B WA mixed-use project

Dive Brief:

An Oregon developer has secured a $42.5 million construction loan from U.S. Bank, making it possible for work to continue on a $1.5 billion Vancouver, WA, mixed-use development on the Columbia River, according to Commercial Property Executive.
Gramor Development said it has performed infrastructure work for the Waterfront Vancouver project and will now move forward with two additional projects — a seven-story office building and a 63-unit luxury apartment building. Both will have ground-level retail and restaurant space.
When complete, the development will feature 3,300 residences, more than 1.3 million square feet of Class A office space and a boutique hotel, as well as additional retail and restaurants.

Dive Insight:

Vancouver, WA, is part of the Portland, OR, metro area, and Waterfront Vancouver is expected to have a major impact on the area. Gramor officials said the project, which also features a park, will give residents and those who work in the development convenient access to downtown Vancouver and Portland International Airport.

Massive mixed-use projects are gaining popularity across the U.S., particularly those featuring access to the water.

In April, Arizona developer Cardon Development proposed a $225 million riverfront mixed-use development in St. Paul, MN, for the former site of a county jail and other businesses. Cardon's plans include a high-end hotel, apartments, retail and approximately 60,000 square feet of office space. If approved by the Ramsay County Board of Commissioners, Cardon said the project could kick off in 2018 and generate 2,000 construction jobs, as well as 1,100 permanent positions.

New York developers are also working on a 56-acre, $1 billion mixed-use waterfront project in Glen Cove, NY, called Garvies Point. When complete, the project will feature 555 apartments, 555 for-sale residences, 75,000 square feet of office and retail, public parks, three marinas and an amphitheater. The first phase of the project will see contractor Pizzarotti IBC supervise the construction of the apartment component and 25,000 square feet of retail.s.