Fourth Plain Commons Feasibility Study
Vancouver, WA · 2023
Client: City of Vancouver
Location: Vancouver, WA
Year: 2023
CP Role: Sub-consultant to Salazar Architect, Inc.
Practice Area: Real Estate + Feasibility
Team: Alex Joyce, Principal-in-Charge; Victor Tran, Analyst; Savannah Edson, Research Lead
The Challenge
Fourth Plain Commons was planned as affordable housing over community-serving ground floor uses, including a commercial kitchen incubator, shared nonprofit offices, an event space, and a plaza, and the City needed to know whether those uses could pay their way.
Our Approach
We interviewed prospective tenants, operators, and nonprofit property managers, surveyed users, and talked with local industry experts. We then built an operating model for each use, with revenue streams, cost centers, budgets, and job estimates, and compared ways the space could be run.
Outcome
The study showed the ground floor uses were financially viable and gave the City, the housing authority, and Fourth Plain Forward, the nonprofit that will manage the space, a working financial model and operating recommendations. The housing authority manages the 107 affordable homes above.
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