Vancouver's waterfront is finally coming to fruition
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Public concerts are just one of the new developments at the Vancouver waterfront. Photo: Courtesy of City of Vancouver
After nearly two decades in the making, Vancouver's waterfront makeover is finally starting to materialize — allowing the public access to parks, restaurants, retailers and housing — with more to come.
Why it matters: Located west of the I-5 bridge, it's one of the largest developments to come out of the Portland metro area in recent memory.
- Plus: Local officials are betting the billion-dollar investment is a boon for the economy, and hope it defines Vancouver's identity as it continues to grow.
By the numbers: By 2030, the waterfront will be home to over 3,300 housing units, 1.5 million square feet of office and retail space, and a Pikes Place-esque market, according to Chad Eiken, Vancouver's director of city development.
The latest: Already open are five apartment buildings (including the luxury Rediviva and River West), six restaurants (like WildFin American Grill and Twigs Bistro), a five-mile paved pathway and a seven-acre park.
- ZoomInfo, one of several large tenants leasing space at Terminal 1, could be moving in as soon as September, Patrick Gilligan, a VP at real estate firm Lincoln Property, told Axios.
Flashback: Vancouver's waterfront was primarily used as a popular port for shipbuilding during World War II — most notably the USS George Vancouver.
- It was also used for shipping prunes across the globe back when Oregon and Washington dominated the market.
- Beginning in 1928, the western section of the waterfront was an active paper mill until Boise Cascade sold the property to a group of investors in 2007.
Context: Bureaucracy and paperwork are the main reasons it's taken so long to see tangible change in the last 15 years, Eiken told Axios.
- The 30-plus acre property had to be rezoned from heavy industrial to urban, mixed-use. Then, Portland-based developer Gramor was required to submit a master plan for building the site over 20 years. It was approved in 2010.
- Another roadblock was the 2008 recession, which made project financing "impossible," Eiken said.
- Then came $40 million infrastructure negotiations with the railroad, which splits downtown from the waterfront in half — to ensure there would be "more than just one access in and out."
What they're saying: Construction has stalled on several planned blocks due to high interest rates, but city officials are optimistic the development will still be completed on time.
The intrigue: What made the complicated process of developing (and delivering) a massive project such as this easier was Vancouver's "concerted effort to create the vision they had for the waterfront and push it into fruition," Gilligan said.
- "You would find it challenging to have the same experience in Portland," he said, citing notoriously complex permitting processes and hefty taxes.