TUALATIN, Ore.--(BUSINESS WIRE)--Gramor Development, Inc. announced today that it closed on a construction loan totaling $14.8 million with Banner Bank for The Waterfront Vancouver development on the Columbia River in Vancouver, Wash. The loan will support the ongoing construction of the Grant Street Pier restaurant buildings, a 40,000-square foot two building complex that will house six different flagship restaurants at The Waterfront Vancouver mixed-use urban community.
The loan from Banner Bank has financed construction on the Grant Street Pier restaurants which is made up of two restaurant buildings, located on Block 9 and Block 12. The centerpiece for the restaurant buildings is a 90-foot-long cable-stay pier that will be suspended above the water. Both Blocks 9 and 12 are situated right on the water’s edge, offering breathtaking views of the Columbia River that gives restaurant patrons a one-of-a-kind dining experience in the Portland Metropolitan Area.
Block 9 is over 15,000 square feet in rentable space and can house two full-service restaurants. Wildfin American Grill, a Seattle-based seafood restaurant, is already secured for Block 9 and will occupy 7,638 square feet of space. Block 12 is more than 28,000 square feet and is designated for up to four full-service restaurants. Ghost Runners Brewery is confirmed for the east wing of the second floor of Block 12 occupying 5,339 square feet in addition to Twigs Bistro and Martini Bar on the first floor at 7,266 square feet.
“In every community, a handful of unique properties become landmarks—we believe The Waterfront Vancouver project is bound to hold that moniker in Vancouver,” said Damian Uecker, Vice President and Commercial Real Estate Relationship Manager, Banner Bank. “We applaud Gramor’s tremendous commitment to this transformational project and are pleased to have an opportunity to be a part of it.”
Additional Development Highlights at The Waterfront Vancouver: Sale of Block 4, Boutique Hotel Planned
In addition to the construction progress made on the Grant Street Pier restaurant buildings on Blocks 9 and 12, on August 10th Gramor closed on the sale of Block 4 – totaling 32,339 square feet of space – to Kirkland Development for the development of a hotel, condominiums, retail and restaurant space.
The hotel, coined Hotel Indigo and part of the InterContinental Hotels Group, will be a boutique hotel at eight stories high with 138 rooms, three restaurants including a sky bar on the top floor of the hotel for a spectacular view of the river. Adjacent to Hotel Indigo will be the Kirkland Tower condominiums which will be home to 40 boutique condominiums. Residents of the condominiums will have their own rooftop space as well as access to all hotel amenities.
“This has been a long project in the making and in just under a year, phase 1 of The Waterfront Vancouver will be open for business including the riverside, south facing restaurants at Grant Street Pier on Blocks 9 and 12,” said Barry Cain, the President of Gramor. “With the addition of Hotel Indigo, along with the recent announcement of The AC Marriott Hotel at the Port property, Vancouver continues to transform into a vibrant urban destination for both community residents and tourists.”
With a total of $250 million in construction underway on phase 1, come summer 2018 Portland metropolitan residents and out-of-town visitors will have access to Grant Street Pier restaurants at Blocks 9 and 12, Block 6 office and residential which, among others, includes MidiCi The Neapolitan Pizza Company as well as the 90-foot cable-stay pier and the City of Vancouver’s Waterfront Park. You can view The Waterfront Vancouver Master Plan here.
About Gramor Development, Inc.
Gramor Development specializes in retail and mixed-use developments that are uniquely suited to the surrounding community. Since 1985, Gramor Development has brought to life developments that showcase thoughtful design, high-quality construction and a sense of place. Gramor Development has completed more than 65 developments, valued at nearly $1 billion, throughout the metropolitan Portland and Vancouver areas. Projects include the forthcoming Waterfront Vancouver, a $1.5 billion development spanning 20 city blocks and 32 acres in Vancouver, Wash., and Lake View Village, a mixed-use project that transformed the downtown area of Lake Oswego, Ore., into a beautiful destination adjacent to a city park. The privately held company, led by president Barry Cain, is headquartered in Tualatin, Ore.