Gramor Secures Construction Financing for Phase I Component of $1.5B Waterfront Vancouver Project
VANCOUVER, WASH. — Gramor Development Inc., a privately held firm based in Oregon, has secured a round of construction financing for Phase I of its $1.5 billion mixed-use project along the Columbia River in Vancouver. Known as The Waterfront Vancouver, the project will span 20 city blocks and 32 acres and feature residential, office, retail and restaurant space, as well as a Hotel Indigo.
U.S. Bank provided a $42.5 million construction loan to Gramor Development for Block 6 Office and Block 6 Residential — a seven-story office building and a six-story, 63-unit apartment building. The street level of both assets will house the Shops at Waterfront Way, which will include retail and restaurants. Committed tenants include M.J. Murdock Charitable Trust at Block 6 Office and Cascade Sotheby’s International Realty and MidiCi The Neapolitan Pizza Co. at Block 6 Residential. The project team for Block 6 includes architect Ankrom Moison and general contractor Robertson & Olson.
“Gramor is a driving force in revitalizing Vancouver’s waterfront and the local community,” says Ann Young, senior vice president, and Oregon market manager of U.S. Bank. “U.S. Bank is excited to be part of the project and to help bring this vibrant and unique development to life.”
Located near the Grant Street Pier, a 90-foot, cable-stay pier suspended above the river, the two buildings are part of the $250 million Phase I, which also includes a new half-mile-long park and an interactive water feature known as Headwaters Wall.
Also part of Phase I is Block 4, which will house the 120-room Hotel Indigo and 40 luxury condominium homes, and Block 8, which will comprise 197 apartment units. Blocks 9 and 12 will also be part of Phase I, and the two retail and restaurant buildings will house tenants including WildFin American Grill, Twigs Bistro and Martini Bar and Ghost Runners Brewery.
Gramor expects to complete Phase I in spring 2018. Altogether The Waterfront Vancouver will feature 1.3 million square feet of office space, 250,000 square feet of restaurant and retail space and 3,300 housing units, in addition to the hotel and park.
“This is a really exciting time for The Waterfront project,” says Barry Cain, president of Gramor Development. “The transformation is well underway and it’s unlike anything that currently exists in our area. We’re turning what was once an industrial area into a vibrant destination for tourists, businesses and the surrounding community.”
Founded in 1985, Tualatin, Ore.-based Gramor Development has completed more than 65 retail and mixed-use projects valued at nearly $1 billion throughout the metropolitan Portland and Vancouver areas.
— John Nelson