Specifically, the project includes 138 condominiums, a 60,000-sfoffice building, an 8,000-sf restaurant and a private96-slip marinawith rec building. The first phase, which is 85% reserved and beingfinanced by U.S. Bank, will include 45 condominiums in threebuildings that will sell for an average of $695,000.

The managing developer of the project is Courtesy Development,which is owned by Rick Ruggiero. Ruggiero tells GlobeSt.com thatfinancing is still being arranged for subsequent phases, but addsthat the speculative office portion of the project should begin inless than 90 days and entire project should be completed in about18 months.

"The office market is soft, but there's nothing like this inVancouver," says Ruggiero. The Hickey family, the longtime owner ofthe land, is a partner in the office project. The full-serviceasking rate for space in the building will be $28.50 per sf, saysbroker Kimbal Logan, who is coordinating the project forRuggiero.

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