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Vancouver-based Kirkland Development plans to build a mixed-use development on a 3.5-acre site along the Columbia River, east of the Interstate 5 Bridge, the company announced Wednesday. The property is currently home to two restaurants: Joe’s Crab Shack and Who Song & Larry’s.

“This is an incredible opportunity to re-envision a key section of Vancouver’s waterfront. Our goal is to bring new life to this area, and to create a unique destination for Vancouver residents and visitors alike,” said Dean Kirkland, Kirkland Development chairman.

The deal to purchase and develop the property has been in the works for more than two years, said Amy Hunter, an associate with the Weinstein PR agency. The riverfront site was originally developed in 1980.

The project will result in closing Joe’s Crab Shack and Who Song & Larry’s, although Hunter said Kirkland Development is talking with both restaurants about continuing as part of the new development.

Kirkland has partnered with Portland-based architecture firm Otak Inc. for the project, which is currently early in the design phase. (Otak has a Vancouver office, led by Tim Leavitt, the former Vancouver mayor.) Construction is expected to take about two years, and the project’s overall cost is estimated to be $200 million.