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Presented by Mayor Royce Pollard on Feb. 28, 2008, at the Hilton Vancouver Convention Center.
We now have the chance to redevelop 32 acres of prime waterfront property and bring $1.3 billion in private investment capital to our city.
This project is unprecedented in its scope and presents a rare opportunity for us to make it the most exciting waterfront development on the Columbia River. We want this waterfront development to make other cities in the region turn green with envy.
The project will fulfill Vancouver's adopted master plan for the site that includes 1 million square feet of new professional office, retail and hospitality uses, 10-plus acres of new public open space, and as many as 2,500 new residential units.
The project will also provide for approximately 2,500 new permanent jobs and generate $235 million in new state and local taxes over the next 25 years, including nearly $147 million to Washington State.
It is truly awe-inspiring to consider the magnitude of this opportunity. We have a 32-acre blank canvas on the shores of the Great River of the West. For most cities, this is the stuff of impossible dreams. For Vancouver it's the real deal and for that reason we will seize this opportunity to think big and make sure we work with the developer, Gramor, to ensure the project is done right for our community.
Later this year we will begin work on essential infrastructure like roads and sewers. we have been working hard to get federal and state money to help cover those costs. In fact I want to thank Senator Craig Pridemore for his successful efforts yesterday in bringing the State of Washington on board as a partner in this project with 1 million of support for infrastructure.
Remember, this project is not just about downtown Vancouver. Its benefits will extend to all corners of the city and region.
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