New Blueprint and Rabina secure $75M loan for Vancouver innovation campus
What's the deal? New Blueprint Partners and Rabina have secured a $75M loan to begin construction on the first phase of a major redevelopment at the former Hewlett-Packard campus in east Vancouver, Washington. The initial phase will deliver 250 apartment units on the 180-acre site, now called Vancouver Innovation Center, with another 1,000 units in the pipeline.
Why now? The project has been nearly six years in the making, moving through planning, rezoning, and design revisions. The development pivoted from an office park renovation to ground-up residential construction — a shift that reflects changing demand in the market. With financing now in place, the developers have broken ground.
What could go wrong? Large-scale campus conversions carry execution risk, particularly when the vision changes mid-course. Delivering over 1,250 total units will depend on sustained rental demand in east Vancouver and the developers' ability to secure additional financing for future phases.
The signal: The pivot from office to residential underscores a broader trend across the Pacific Northwest and beyond: ageing corporate campuses are being reimagined as mixed-use or residential communities. With remote work hollowing out demand for suburban office parks, developers are betting that housing — not desks — is the highest and best use for these sites.
Read more: The Registry
