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Eric Fuller, president of commercial real estate firm Eric Fuller & Associates, sounds giddy every time he talks about the planned redevelopment of the former Boise Cascade site along Vancouver’s waterfront. Plans call for converting the vacant property into 1 million square feet of commercial space, and real estate professionals are fielding calls daily from developers and others looking to take advantage of opportunities.

But Fuller is discovering that uncertainty about the waterfront development, which is planned to take place over 10 years, is causing developers to become hesitant.

鈥淲e’re taking the calls, but everything we are hearing is really macro right now,鈥� Fuller said. 鈥淲hen you see a master plan with a billion-dollar build-out in our market, it’s pretty hard to commit to making a move.鈥�

Redevelopment of the 35-acre former industrial site was included in the Vancouver City Center Vision Plan in 2000. A few years later, Tualatin-based Gramor Development and a group of investors were brought on board to create a master plan for the site.

In April 2010 the developer submitted its final master plan and received all land-use and shoreline permits required for the project. Work has since started on some of the public road improvements, but little else.

Barry Cain, Gramor’s president, said definitive plans for development and a timeline for the project should tighten up over the coming months and be completed by this time next year. He is actively talking with tenants and expects construction to begin by 2013.

Fuller said he has talked to a few developers interested in office projects, but nothing has come to fruition because no one knows how much office space will be in the waterfront development.

鈥淭here has been some interest from people looking to build or buy mid-sized office buildings,鈥� Fuller said. 鈥淭he idea would be that perhaps you acquire or build the building where space can be offered for 10 cents less a square foot and be a block or two away from the waterfront.

鈥淏eing off in the peripherals of the waterfront isn’t such a bad idea, especially if the occupant would have to deal with construction taking place around their office for up to 10 years. That’s a lot of construction to deal with for a long time. But people seem to be remaining in the wait-and-see camp instead.鈥�

Roger Qualman, an executive vice president with NAI Norris, Beggs & Simpson, said lack of information about the waterfront development and weak demand for office space have led developers to wait before pursuing office projects.

鈥�(Vancouver) has several properties pegged for office use that are develop-ready and could be built out within a year,鈥� Qualman said. 鈥淏ut none of them are going to move forward until there is more certainty.鈥�

Vancouver-based Killian Pacific, for example, has two mixed-use projects 鈥� Library Square and the proposed 101 Building 鈥� that spokesman Adam Tyler said are 鈥渄evelopment ready.鈥� Both projects are ready to go, but they won’t move forward until tenants are secured.

鈥淭he waterfront redevelopment is a great project, but is merely one component of downtown Vancouver’s exciting future,鈥� Tyler said. 鈥淒espite the relatively macro scale of the proposed project on the waterfront, there will still be a strong demand for office, retail and housing in the downtown core.鈥�

Fuller believes most of the housing development along the waterfront will be condominiums 鈥� rather than for-rent units 鈥� because river views can fetch higher prices.

With that in mind, Elie Kassab, president of Vancouver-based Prestige Development, last week submitted paperwork to begin the permitting process for construction of two four-story apartment complexes in downtown. Ground is expected to be broken in October at D Street and East Mill Plain Boulevard on the $16 million project, which will have a total of 100,000 square feet of commercial space, 8,700 square feet of ground-floor retail space and 100 apartment units.

鈥淭he waterfront redevelopment is going to be nice, but it’s not going to be around for a while,鈥� Kassab said. 鈥淲e’ve done some studies and there is a demand for downtown living right now. We are filling that hole before the waterfront project even gets out of the ground.鈥�

Qualman agrees. NAI Norris, Beggs & Simpson manages about 200 housing units in downtown Vancouver, where vacancies are rare.

鈥淩esidential is slightly different, especially in the rental market,鈥� he said. 鈥淚t’s an easier commitment than a condo and by all accounts the demand is real. It’s already there.鈥�

Vancouver City Council on Monday held a work session to discuss and debate potential ways to entice development. Among ideas discussed were: waiving system development charges, streamlining the permitting process and initiating fee holidays. Nothing is set in stone, but the council will continue to review possibilities in the coming months.

Qualman and Fuller both are optimistic about possibilities in Vancouver.

鈥淚t’s guarded optimism,鈥� Qualman said. 鈥淒evelopment has a positive outlook, but it’s hard to nail down when that outlook will turn into reality, and what it will look like, with the uncertainty of not only the waterfront project, but the new Interstate-5 bridge as well.鈥�