Apparently downtown Vancouver is quickly becoming a hotbed of activity for banks. With so many financial institutions making the move into into the core over the last three years (albeit some of them have not survived this past year – Bank of Clark County for one), one might think Vancouver was on track to becoming the “little Delaware “of the Pacific Northwest. The latest announcement involving a bank relocation comes from local developer Elie Kassab of Prestige Development (jewelry magnate and father to TMT Development’s President).
Prestige submitted plans to build what looks to become a new bank branch near the Interstate 5 entrance to East Mill Plain Boulevard. Kassab has not disclosed a name, but has alluded to the project attracting a bank tenant. Prestige plans to build either a one-story, 3,200-square-foot building or a two-story, 6,400-square-foot building at a cost of $700,000 to $800,000. The project is on the south side of Mill Plain
Like most developers, Prestige expects lower costs on this project as a result of the downturn in constructio and lower materials and labor expenses.
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