“Our job is to look to the horizon and make sure that we are making the investments of today that will pay the dividends of the future.” That’s how Eric Holmes, Vancouver’s city manager, describes what’s in the works at the intersection of SR-14 and 192nd Avenue in East Vancouver.
Tentatively known as the Riverview Gateway Project, the city is moving forward with a plan that will transform roughly 200 acres into approximately 2.5 million square-feet of mixed-use development.
“It’s a gravel pit right now, but there’s a vision to redevelop it with major employment retail, a little bit of housing and two hotels,” said Holmes.
Ed Freeman, president of Sierra Pacific Communities, the Tigard-based developer that purchased the property from the Washington Department of Transportation six years ago, said that before development can begin the property needs to be mined out. He said that process, which has been underway for some time, should be complete by around the end of 2012.
“It’s about time for us to start our master planning and start working with the city again in the hopes that within two years from now we can consider some development work,” said Freeman.
While the sluggish economy has offered little help to municipalities when it comes to making investments in the future, Holmes said the Riverview Gateway Project is coming together the right way.
“This model where you come up with a vision, a plan, an investment strategy and a program to attract private investment is one that we’ve been following in a number of places throughout the city,” said Holmes. “But this project is extraordinary.”
Freeman acknowledged that development plans were on hold for some time because of the mining aspect, but added that the city’s attitude has a lot to do with the fact that the project’s momentum is starting to pick back up.
“We’re very impressed with the city of Vancouver’s can-do attitude,” said Freeman. “I just think they are going to be terrific to work with.”
On the private investment side of the project, Holmes noted that Joe Weston, a driving force behind the development of Portland’s Pearl District, has been participating “hand and glove” with the planning and vision of the site.
Speaking of vision, Freeman said that because of the site’s location just off of SR-14, the goal is to create a “gateway to Vancouver.”
“We have to create the right product that’s deserving of that title,” said Freeman. “Hopefully we can have some signature identifying architecture that’ll warrant that. We’re looking forward to it. It’s going to be a very significant investment and a very large project. We really want to make something the city will be proud of.”
