Familiar Names Will Transform Waterfront Property With A Hotel And A Mixed Use Project

Dated: May 11 2016

Views: 561

They’ve been behind hundreds of new residential units and a handful of local hotels, respectively.


Now, Holland Partner Group and Vesta Hospitality, both of Vancouver, Wash., will spearhead the transformation of the Port of Vancouver USA’s waterfront Terminal 1 property with a new mixed-use project and a hotel.


The Port of Vancouver has selected Vesta Hospitality and Holland Partner Group as its preferred developers to bring a new hotel and mixed-use project to the 10-acre Terminal 1 site on the Columbia River. Part of the site was long home to a Red Lion hotel, which closed last fall to make way for the redevelopment.Enlarge

The Port of Vancouver has selected Vesta Hospitality and Holland Partner Group as its…more



In an announcement yesterday, the port shared its selection of the two firms as the preferred developers on the projects. Vesta will develop the hotel, while Holland will handle the mixed-use project, which will likely include office, retail and residential components.


“We are pleased to work with such high-quality, local companies that truly understand the importance of the Terminal 1 property,” said port CEO Todd Coleman, in a release. “We received top-notch interest in both the hotel and master developer Requests for Qualifications, and we’re fortunate that the two best proposals came from local talent with superb national reputations. We look forward to collaborating and moving forward with a shared vision.”


Vesta plans to build an AC Hotel by Marriott, which has been described as a "European-inspired lifestyle brand." McWhinney and Sage Hospitality, along with Mortenson Development and Mortenson Construction, are currently building an AC Hotel in downtown Portland.


According to the port, Vesta's proposal, led by Rick Takach, was attractive due to Vesta's strong financing, "high-quality and sustainable building standards" and its plans to be a long-term owner.


The Holland Group, led by Clyde Holland, has developed several large-scale projects in Oregon, Washington, California and Colorado. Locally, its projects include Platform 14 and Tessera in Hillsboro and Terrene at the Grove and Jory Trail in Wilsonville.


Their proposal, according to the port, offers options to build on the Terminal 1 property, "emphasizing sustainable, high-quality facilities and a community vision."


Both developers will now work with the port and its consultant, NBBJ, to complete a Concept Development Plan and Development Agreement with the city of Vancouver. The Port and the developers will also negotiate a development agreement that port commission will consider in the future.


Source

Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

Mortgage Underwriting Challenges In The Pandemic

In December, AmTrust Title Insurance Company announced the hiring of seasoned underwriter Mary Shelley as its midwest region agency underwriter. We took the opportunity to talk to Shelley, who has

Read More

How Bidens Stimulus Plan Impacts Housing

President-elect Joe Biden’s $1.9 trillion stimulus, unveiled Thursday as the American Rescue Plan, includes a call for extending the national moratorium on evictions and foreclosures until Sept.,

Read More

Will We Have A Buyers Housing Market In 2021

If you’re looking to buy a home, you’ll stand the best chance in a buyer’s housing market, where listings are flush, demand is low and buyers have the upper hand — not to mention most of the

Read More

What To Budget For Closing Costs When Buying A House

Are you considering purchasing a home for the first time? Then you’re probably already saving money for your down payment. But what about all the other costs needed to complete the transaction?

Read More