The Historic Trust
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News Releases
The Historic Trust announces an agreement with a developer on the Providence Academy site - 01/05/18

As The Historic Trust focuses its efforts on the renovation and programming for the Providence Academy building, it announced today that the Trust has reached an agreement for the sale and development of the vacant property around the Academy.

The Wilsonville-based developer, Marathon Acquisition & Development, plans to acquire and develop approximately 3.85 acres of land along C Street and 12th Street. Marathon's intent is to develop a multi-family campus, including commercial space that complements the Providence Academy. Approximately $85 million will be invested into the site in two phases. Separate from Providence Academy building, which was purchased through a philanthropic campaign by the Trust, the property Marathon is acquiring was purchased by the Trust with an intent to sell it for future development.

The Trust will remain the long-term owner and stewards of the Providence Academy building and the property directly surrounding the building including the southern landscape. The Trust sought a buyer to improve the site and implement a long-term vision that will complement the Providence Academy. To date the land has been used as parking for surrounding office buildings. The Trust will continue to use the site for surface parking while the redevelopment plan is instituted. Discussions are under way with the City of Vancouver related to parking downtown in anticipation of the future development of the Academy site.

The design of the Marathon's development is in progress and will include multi-family apartments and some ground floor commercial space. Studio 3 Architecture is designing the development for Marathon. The former El Presidente restaurant building is expected be demolished as part of this development and the site improved to include landscaping and outdoor public space. The Providence Academy and the surrounding property is part of a designated Heritage Overlay District. Per the overlay, new construction on the site is subject to standards pertaining to design, arrangement, materials, color and other elements of the development. The first phase of the development is estimated to break ground in early 2019.

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About The Historic Trust: The Historic Trust is a 501(c)3 nonprofit organization with a mission to inspire civic pride and economic vitality through education, celebration, and preservation of our community's history. Learn more at thehistorictrust.org.

About Marathon: The Marathon family of companies is comprised of three vertically integrated entities specializing in development, construction, and management of multi-family real estate. Marathon's control of every facet of a development provides a unique ability to manage quality and cost. As a long-term holder Marathon is motivated to build high quality apartments that enrich communities. Marathon was formed in 1979 as an affiliate of Simpson Housing, a large multi-state apartment development company. Since inception Marathon has developed, constructed, and managed roughly 5,000 apartments and 160,000 square feet of commercial space.

The Historic Trust announces an agreement with a developer on the Providence Academy site - 01/05/18

As The Historic Trust focuses its efforts on the renovation and programming for the Providence Academy building, it announced today that the Trust has reached an agreement for the sale and development of the vacant property around the Academy.

The Wilsonville-based developer, Marathon Acquisition & Development, plans to acquire and develop approximately 3.85 acres of land along C Street and 12th Street. Marathon's intent is to develop a multi-family campus, including commercial space that complements the Providence Academy. Approximately $85 million will be invested into the site in two phases. Separate from Providence Academy building, which was purchased through a philanthropic campaign by the Trust, the property Marathon is acquiring was purchased by the Trust with an intent to sell it for future development.

The Trust will remain the long-term owner and stewards of the Providence Academy building and the property directly surrounding the building including the southern landscape. The Trust sought a buyer to improve the site and implement a long-term vision that will complement the Providence Academy. To date the land has been used as parking for surrounding office buildings. The Trust will continue to use the site for surface parking while the redevelopment plan is instituted. Discussions are under way with the City of Vancouver related to parking downtown in anticipation of the future development of the Academy site.

The design of the Marathon's development is in progress and will include multi-family apartments and some ground floor commercial space. Studio 3 Architecture is designing the development for Marathon. The former El Presidente restaurant building is expected be demolished as part of this development and the site improved to include landscaping and outdoor public space. The Providence Academy and the surrounding property is part of a designated Heritage Overlay District. Per the overlay, new construction on the site is subject to standards pertaining to design, arrangement, materials, color and other elements of the development. The first phase of the development is estimated to break ground in early 2019.

_____________________
About The Historic Trust: The Historic Trust is a 501(c)3 nonprofit organization with a mission to inspire civic pride and economic vitality through education, celebration, and preservation of our community's history. Learn more at thehistorictrust.org.

About Marathon: The Marathon family of companies is comprised of three vertically integrated entities specializing in development, construction, and management of multi-family real estate. Marathon's control of every facet of a development provides a unique ability to manage quality and cost. As a long-term holder Marathon is motivated to build high quality apartments that enrich communities. Marathon was formed in 1979 as an affiliate of Simpson Housing, a large multi-state apartment development company. Since inception Marathon has developed, constructed, and managed roughly 5,000 apartments and 160,000 square feet of commercial space.