By Meghan Hall
A big redevelopment opportunity in Vancouver, Wash., has hit the market, offering investors a rare opportunity to pursue a development project of scale along the Columbia River. Called “Riverview Gateway,” the property on the market includes a 108-acre site in the Mill Plain submarket, according to marketing materials obtained by The Registry.
Guidance pricing for the asset was not immediately available. The brokerage firm marketing the property, CBRE, declined to comment, citing a non-disclosure agreement.
“Riverview Gateway provides a generational opportunity for a developer to participate in a premier project transforming the Vancouver landscape,” CBRE states. “Situated in the Mill Plain submarket of Vancouver, the site’s location offers access to high wage employers at the nearby Columbia Tech Center and convenient connectivity via I-205 and SR-14. Riverview Gateway spans over 108 acres with allowable development uses including multifamily, commercial and industrial.”
The project site is located at 4900 SE 192nd Ave. and is designated with a mix of multi-unit residential, commercial and light industrial land uses within the City of Vancouver. A high-intensity mix of commercial, office and residential uses, as well low intensity industrial uses are permitted on the property. A small portion at the western edge of the property is also zoned for single-family residential.
Per land use and zoning regulations, 40 percent of the property can be developed as multifamily, a maximum of 35 percent can be developed as non-office commercial, a minimum of 30 percent can be developed as office or light industrial, and a minimum of seven percent must be developed as parks or open useable space.
Previously, the property was used as a quarry and was part of a larger, nearly 200-acre site, portions of which are in the process of being redeveloped. The final reclamation process for the site is currently in effect, and work will be completed prior to the close of escrow, according to documents.
Surrounding development includes Columbia Palisades, a mixed-use single-family and townhome community currently under construction, proposed by Portland, Oreg.-based Weston Investment Company LLC, as well as The Terrace—also known as Fisher’s Landing—a retail center anchored by Fred Meyer’s and other retailers a block to the north. A newer single-family residential subdivision, called The Gables at Hiddenbrook Terrace, is also to the North.
Numerous commercial office spaces are also within the vicinity of the development. Not far, Hewett Packard is planning a 1.5 million square foot expansion, and the Columbia Tech Center, a 430-acre master planned development with 3.65 million square feet of office, medical, retail, hotel and residential uses, is five minutes away. Banfield Pet Hospital’s headquarters, as well as Fisher Investments’ headquarters are close by; the two companies have 650 employees and 1,800 employees, respectively. Vancouver’s central business district is about 15 minutes away by car. Portland’s central business district is just a bit further away, a 25 minute drive.