On August 8th, Port Commissioners unanimously voted to authorize a 50-year lease with the Vancouver-based hotel owners and operators, Vesta Hospitality, who plans to build a 160+ room AC Marriott hotel on the site. This is a significant step forward in the Port’s ambitious Terminal 1 Waterfront Master Plan. Ground breaking for the hotel may take place as early as 2018.
LCG has had the privilege to work with the Port on many aspects of the waterfront property, including master planning, developer recruitment, and lease negotiation.
When complete, the variety of land uses and riverfront public improvements at the Port’s site will enable Vancouver to capitalize on its longstanding desire to reconnect downtown to the river, and integrate the natural environment, pedestrian and bike trails, and mixed-use development.