VANCOUVER, WA - EJF Capital LLC and Holland Partner Group announced the development of a mixed-use project in downtown Vancouver, Washington. The project, known as Block 10, is situated on approximately one-acre in an area certified as an “Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 (“TCJA”). The TCJA offers investors tax benefits to invest into Opportunity Zones with the aim of spurring economic growth in lower income areas.
The Project boasts 110 multi-family units, 79,000 gross square feet of office space on top of a podium deck with roughly 10,100 square feet of retail and 113 parking spaces. 20% of the multi-family units will be set aside as workforce housing. Additionally, Block 10 will include a robust amenity package shared between the multi-family and office tenants, including a fitness center, co-working space, bike room, and amenity deck on top of the podium deck on the third level.
Holland Construction, HPG’s construction division, expects to break ground in July 2020 and plans to complete the Project in the Spring of 2022. The Project is estimated to create hundreds of construction jobs. Bank of the West is providing construction financing.
“Block 10 is a spectacular project, situated in the heart of downtown Vancouver on one of the city’s last remaining undeveloped blocks,” said EJF Co-CEO, Neal Wilson. “It is a prized location that is within walking distance of an array of amenities including numerous restaurants and bars, retail, entertainment and offices. We are pleased to partner with HPG, one of the developers with the most units under construction on the West Coast.”
“We are thrilled to have collaborated with the City of Vancouver and be partnering with EJF to make this dream become a reality,” said Clyde Holland, HPG’s CEO and Chairman. “Block 10 has sat vacant for too long, but soon it will become part of a vibrant hub of activity. We see so much potential and are proud to call it our new headquarters.”
Asheel Shah, EJF’s Senior Managing Director and Head of Real Estate Development, called Block 10 a “hidden gem.”
“It will be the ideal place to live, work, and relax with its convenient location to Esther Short Park and the scenic Columbia River Renaissance Trail. It is located near major highways, I-5 and I-205 and just minutes from downtown Portland. The trip to Portland International Airport from Block 10 is easier than traveling from downtown Portland,” Shah said.
Downtown Vancouver is experiencing substantial in apartment and condo development. HPG is close to completing a fourth tower – a 118-unit multi-family development with 2,200 square feet of space for restaurants or retail space and several ground-floor loft and live-and- work units – at Vancouvercenter, a mixed-use project. In addition, downtown Vancouver has an estimated 19 apartment buildings and condos that are either being planned or in the construction phase totaling 2,029 units. Vancouver’s population is growing and since the state of Washington has neither personal nor business income tax, companies are relocating to the city, according to information published by the Columbia River Economic Development Council.
Separately, there is more investment along the Columbia River, including a $1.5 billion waterfront revitalization. Also, the old Boise Cascade facility, which at one time was a sawmill and manufactured pulp and paper products, is undergoing a transformation.
“Downtown Vancouver is a city on the rise,” Wilson concluded. “We look forward to the groundbreaking and to partnering with HPG on a project that will have a positive impact on the downtown area and local community.”