Officials at the City of Vancouver expect to finalize the purchase of 12 acres of commercial property at the intersection of Mill Plain Boulevard and Devine Road, later this month.
The $5 million sale, conducted through an online auction, involves a portion of the commercial area known as Tower Mall. The parcel being purchased by the city is currently occupied by an 186,000-square-foot building and is part of a larger 25-acre commercial site.
The City sees the purchase as a strategic acquisition, with the intent to develop a vision and master plan for the full 25-acre Town Mall.
“This is an exceptional opportunity to transform the central part of Vancouver,” said Eric Holmes, Vancouver city manager. “Long-term, this acquisition is about revitalizing a part of our city that has been passed over by the years of positive development in the downtown and east side of Vancouver.”
The City utilized an undesignated general fund balance to purchase the parcel. Officials said the acquisition does not compromise current or planned ongoing operational funding for any City program or department.
