Republished from the Portland Business Journal
Holland Partner Group and Vesta Hospitality, both of Vancouver, Wash., will spearhead the transformation of the Port of Vancouver USA’s waterfront Terminal 1 property with a new mixed-use project and a hotel.
“We are pleased to work with such high-quality, local companies that truly understand the importance of the Terminal 1 property,” said port CEO Todd Coleman, in a release. “We received top-notch interest in both the hotel and master developer Requests for Qualifications, and we’re fortunate that the two best proposals came from local talent with superb national reputations. We look forward to collaborating and moving forward with a shared vision.”
Vesta plans to build an AC Hotel by Marriott, which has been described as a “European-inspired lifestyle brand.” McWhinney and Sage Hospitality, along with Mortenson Development and Mortenson Construction, are currently building an AC Hotel in downtown Portland.
According to the port, Vesta’s proposal, led by Rick Takach, was attractive due to Vesta’s strong financing, “high-quality and sustainable building standards” and its plans to be a long-term owner.
The Holland Group, led by Clyde Holland, has developed several large-scale projects in Oregon, Washington, California and Colorado. Locally, its projects include Platform 14 and Tessera in Hillsboro and Terrene at the Grove and Jory Trail in Wilsonville.
Their proposal, according to the port, offers options to build on the Terminal 1 property, “emphasizing sustainable, high-quality facilities and a community vision.”
Both developers will now work with the port and its consultant, NBBJ, to complete a Concept Development Plan and Development Agreement with the city of Vancouver. The Port and the developers will also negotiate a development agreement that port commission will consider in the future.
The 10-acre Terminal 1 site will be home to a new brewpub, Warehouse 23, which is opening this summer, and a biotechnology and life sciences hub that will be home to, among others, AbSci LLC, a Portland biotech firm.
Both of those will be located in the former Red Lion hotel building, which closed last fall when its lease with the Port was up.