Vancouver City Council Meeting Minutes April 2024
Waterfront Gateway Ground Lease Approved with LPC West LP
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Description
Vancouver City Council approved a 50-year (plus extensions) ground lease agreement with LPC West LP for the Waterfront Gateway site. The agreement enables a mixed-use development including office, residential, retail, and parking.
Contract Details
Vendor
LPC WEST LP
Agency
City of Vancouver, WA
Contract Type
OTHER
Document Date
April 8, 2024
Contract Term
50-year term plus two 15-year extensions
Renewal Info
50-year initial term; two optional 15-year extensions; annual rent adjustments by CPI; 20-year appraisal resets; affordable housing site sold separately with 50-year covenant.
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