PORTLAND, Ore. (KOIN) — Another major development project is expected on the Vancouver waterfront by mid-2027.

Vancouver City Council approved the Waterfront Gateway project on Monday, allowing the city and real estate firm LPC West to go forward with the development.

City Economic Development Director Patrick Quinton said the new site, which will be placed between the Columbia River waterfront and Vancouver City Hall, will connect the historic downtown area to the more modern waterfront district.

“This project aligns with our Strategic Plan by providing much-needed housing, especially affordable housing, offering opportunities for local small businesses and minority and women-owned contractors, and creating new public spaces for city events and gatherings,” Quinton added in a statement.

The 6.4-acre site will feature 35,000 square feet of retail space, an above-ground parking garage with EV charging stations, and two acres of open space that are open to the public. City officials plan to use the outdoor space for art installations, movies and other family-friendly activities.

The site will hold 300 market-rate residential units and almost 100 affordable-housing units as well.

Vancouver residents provided their input on the project’s parking, accessibility and sustainability throughout the design process, according to LPC West Executive Vice President Patrick Gilligan.

Waterfront Gateway’s next design and permitting phase will last through 2024. Project leaders expect construction to begin in early 2025, with complete construction slated for 2027.

But this development isn’t the only one that will be new to Vancouver in the coming years.

City officials said a 100,000-square-foot office building is in the works for the next design phase. In addition, the Port of Vancouver has planned to open another building on the waterfront by 2028 or 2029.

The Port of Vancouver’s project, Terminal 1, will be a 40,000-square-foot public marketplace with restaurants, breweries and retail shops.