In support of the project, the Vancouver City Council voted recently to waive property taxes for 10 years on the row houses and the condominiums, which are being financed by Rifer along with the retail space. The VHA is planning to fund the rest with $4.56 million in state bonds and 4% tax credits that it will syndicate, says Diane Stites, the VHA's director of development. The VHA only recently filed for the bond funds and expects to hear back in January, Stites tells GlobeSt.
City officials are supporting the project because it will result in the redevelopment of a long-vacant parcel, its infill development, and the apartments will be affordable to people making 60% of median income. Uptown Village is the final project in the four-block area formerly occupied by Vancouver High School, which opened in 1912. Projects already developed on the site include the Columbia House retirement facility, the Fort Vancouver Apartments and offices for the VHA.
Construction of Uptown Village is expected to begin in May and be finished in May 2002. LRS Architects is designing the project and Westwood Swinerton Construction will be the general contractor.
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