An elementary school is the latest announced addition to downtown Vancouver’s growing skyline — and with it could come other significant development near Interstate 5.

Vancouver Public Schools announced its plans Tuesday morning to buy a section of the property immediately south of the Vancouver Community Library for construction of a new elementary school. Vancouver developer Killian Pacific owns the property at C Street and East Eighth Street, according to a district news release.

The company has signed a letter of understanding with the district to transfer the southwest portion of the property for the school. Killian Pacific also contributed a “significant portion of the purchase price,” according to the release.

Details on the project, which will be funded by Vancouver Public Schools’ recent school bond, are to be worked out as the district continues to negotiate with the developer.

The school is only part of the story for that property. The district’s announcement signals substantial development the city is eying for the site. The school is likely to be part of larger development, called the Riverwest project, which could include a public parking garage and a private business, said Chad Eiken, the city’s community and economic development director.

The three vacant parcels cover 2.8 acres, one of the last remaining empty areas in downtown.