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

Dated: May 11 2016

Views: 572

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.


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 30 years in the industry, Mark has gained experience in ....

Latest Blog Posts

How To Get Your House Ready To Sell In Summer

Historically, the most active time for buying and selling real estate is when the weather gets warm, and it is expected to blossom this year as the housing market springs back to life nationwide.If

Read More

How Much To Budget For Home Maintenance

Owning a home comes with certain responsibilities. There is no landlord to call when a sink stops draining or the lawn needs mowing. Regular home maintenance is essential to lengthening the lifespan

Read More

Are You Truly Ready To Downsize

There’s a host of reasons for downsizing to a smaller home. You might want to pocket the savings and build upon your nest egg. Maybe you’re ready for a new adventure and eager to move to a high

Read More

4 Things You Absolutely Must Do Before Painting Your House

Deciding to have our house painted was a big decision, but once we made it, we couldn’t wait to see the final results. But wait we did.What we hadn’t anticipated was all the prep work that went

Read More