On Thursday October 10th David Copenhaver, former Gramor Development vce president who recently founded his own firm Acorn Development announced an exciting mixed use multi-family development project in Downtown Vancouver on Main and McGloughlin. The project, six stories tall, will include 160 residential units, some ground floor retail, and some very attractive amenities which include an inside courtyard, roof top fire pits, and stunning views. Expected opening is not until spring of 2015
Part of a Vancouver’s Downtown Association quarterly meeting that also featured Elie Kassab presenting an update on Prestige Apartments, his 96 unit mixed-use development at the southeast corner of Mill Plain Boulevard and C street which should begin seeing tenants take up residence this next spring.
Less than a week later Copenhaver announced a second project. He has submitted an offer and development plan for the Esther Short building which had for many years housed various city offices. The asking price is just over five million dollars.
Plans for the project call for a renovation and continued use as office space. This is the third significant acquisition of older office space in the Downtown this past year Earlier this year another former city property was purchased by the Firstenburg family and renovation is in process. In 2012 Ryan Hurley and his company Ten Talents Investments acquired the Pacific Tower, and have been putting it threw a refresh and facelift.
During his presentation to the VDA, Copenhaver touched on the proximity of the project to Light Rail as part of the CRC. He stated it would be an asset to the project, but he was also comfortable that the project was solid without it.
As much noise and attention that CRC opponents have brought to the debate about the communities future, the discussion has not seemed to discourage investors on the downtown scene. You would think that with all the talk of how dire the situation for business and investment would be if we go through the 5 year construction phase that investors would be avoiding the core of the city. In fact the opposite is occurring. Some of the most savvy and capable real estate investors are putting in bets that our Downtown future is going to be quite bright.