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FVRL News
Joint release: Killian Pacific Delays Full Build-Out of Riverwest Site
Vancouver -
Main library project continues toward 2011 opening
VANCOUVER, Wash. -- Killian Pacific announced today that the privately-funded elements of its Riverwest project, including a public/private parking garage, have been pushed back for at least a year due to current economic conditions. The site of the development, announced in 2005, is at the southeast corner of E. Evergreen and C Street in downtown Vancouver.
The delay will not affect inclusion on the site of a new Vancouver Community Library, now in the design development stage. "Our commitment to the community remains in place," said Killian Chief Operating Officer Lance Killian. "We will proceed with donating land worth more than $2 million to Fort Vancouver Regional Library District for its new main library. We'll be working with the library on the logistics of the interim and future planning and coordination," Killian said.
The library district is moving forward with planning for a new 83,000 square-foot building, beginning construction in 2009 with a scheduled completion in 2011. Bruce Ziegman, the library district's executive director, said, "The final library design is quickly taking shape, and we look forward to setting the tone for the remainder of the development. The building we're designing will establish a strong civic presence across from The Academy and at the gateway to downtown Vancouver and The Historic Reserve."
Killian Pacific has invested in excess of $3.4 million in this project to date, and will continue with site preparation to make way for the ensuing development. Public funding for the new $37 million, five-level library building was provided by a 2006 library facilities bond measure passed by Vancouver voters.
The Local Infrastructure Financing Tool (LIFT) participation in the project, which is being implemented by the City of Vancouver, requires the LIFT bonds be issued on or before 2014. LIFT financing of approximately $13 million is to be used to purchase a portion of the underground-structure parking in the garage, which will be operated as a public parking garage. According to Killian, "Our intent is to work within the enabling legislation and hand in hand with the City of Vancouver to make this project a positive example of the benefits of LIFT."
"Since the project was originally conceived in 2005, the national and local market conditions have deteriorated dramatically," said Killian. "Inflation is at a 17-year high, with construction cost increases far exceeding the consumer price index; the housing market has been battered; unemployment has increased; consumer confidence has declined and capital markets have experienced major turmoil and contraction."
Killian continued, "Unfortunately, Vancouver is not immune to the economic and market realities of today. We regretfully, after months of evaluating all apparent alternatives, have no choice but to postpone the full build-out of this project."
"We are obviously disappointed but understand that this is the reality of our current economic situation. The most important goal is for Riverwest to be successful and raise the bar for this community, and that goal is not achievable given the current state of affairs," said City Manager Pat McDonnell.
"We will continue to evaluate when the time is right to move forward for a positive outcome for the Riverwest project," concluded Killian.
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Release Dated September 26, 2008 |
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For information about news releases or anything about Fort Vancouver Regional Library District, media representatives should contact:
Sue Vanlaanen
FVRL Communications Director
Phone: (360) 699-8815
Fax: (360) 693-2681
Email: communications@fvrl.org
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