Vancouver City Council on Monday held a workshop to discuss the waterfront property, owned by the Port of Vancouver, where Mayor Tim Leavitt called it a “great project.”The half-hour meeting had Greg Turner, land use manager for the city, lead councilors through the possible phases of construction of the 10.37-acre property. The project will have four developable blocks near the former Red Lion Hotel Vancouver at the Quay.The blocks would be built up in six phases, according to the presentation. In all, it plans to build 355 residential units, 62,000 square feet of retail space and 200,000 square feet of commercial space.First, the port expects to rehabilitate Terminal 1, the buildings closest to the Columbia River. The former Red Lion closed October 2015 and was partially demolished in March.The second phase would build parking and connect the Waterfront Renaissance Trail to the city-owned waterfront park, to the east. The park is owned by the city of Vancouver but it is technically part of the separate, 21-block development led by Tualatin, Ore.-based firm Gramor.