As The Historic Trust focuses its efforts on the renovation and programming for the Providence Academy building, it announced on Jan. 5 that the Trust has reached an agreement for the sale and development of the vacant property around the Academy.
According to a news release from The Historic Trust, the Wilsonville-based developer, Marathon Acquisition & Development, plans to acquire and develop approximately 3.85 acres of land along C Street and 12th Street. Marathon’s intent is to develop a multi-family campus, including commercial space that complements the Providence Academy. Approximately $85 million will be invested into the site in two phases. Separate from Providence Academy building, which was purchased through a philanthropic campaign by the Trust, the property Marathon is acquiring was purchased by the Trust with an intent to sell it for future development.
The Trust will remain the long-term owner and stewards of the Providence Academy building and the property directly surrounding the building including the southern landscape. The Trust sought a buyer to improve the site and implement a long-term vision that will complement the Providence Academy. To date, the land has been used as parking for surrounding office buildings. The Trust will continue to use the site for surface parking while the redevelopment plan is instituted. Discussions are under way with the city of Vancouver related to parking downtown in anticipation of the future development of the Academy site.
The design of the Marathon’s development is in progress and will include multi-family apartments and some ground floor commercial space. Studio 3 Architecture is designing the development for Marathon. The former El Presidente restaurant building is expected be demolished as part of this development and the site improved to include landscaping and outdoor public space. The Providence Academy and the surrounding property is part of a designated Heritage Overlay District. Per the overlay, new construction on the site is subject to standards pertaining to design, arrangement, materials, color and other elements of the development. The first phase of the development is estimated to break ground in early 2019.
This information was provided by The Historic Trust.