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|Articles - February 2014|
|Tuesday, January 21, 2014|
Page 1 of 5
BY JON BELL
There is a monumental hole in the ground in Portland’s Lloyd District, an area long home to a signature mall, plenty of office buildings and not much more.
The hole is massive, gaping across entire city blocks, a hundred feet deep in some places and of a scale that can be hard to get your head around. Its size shrinks the front-end loaders, dump trucks and excavators that rumble across it, and the hard-hatted workers engulfed look absolutely tiny. The only features that seem somewhat in proportion are three towering yellow cranes rising from the ground and into the sky.
But this chasm will not be here for long. Come this spring, the foundations of a new three-building apartment development should be in place, with upper floors stacking up soon after. By the end of summer 2015, there will be nothing left of the void but a memory. In its place will be an entirely new residential development with close to 660 apartments, ranging from tiny studios to penthouses and nearly 60,000 square feet of retail space. It will be called Hassalo on Eighth and will be just the first of four construction phases that will add thousands of new residents to the Lloyd District and fundamentally redefine a part of the city.
“We think we can create a neighborhood where, right now, it’s just an employment center,” says John Chamberlain, president and CEO of American Assets Trust, the San Diego real estate developer that bought a $92 million portfolio of Lloyd District properties from Ashforth Pacific in 2011. “This is a transformational project for the district and the city.”
Though AAT’s $250 million project is one of the biggest and most influential residential development projects in the city, it is by no means the only one. Developers, both local and out of state, have taken advantage of an ideal mix — economic improvement, an undersupply of apartments and building codes that strongly favor density within the city’s neighborhoods — to ignite an apartment-building frenzy.
All across the Rose City, new buildings are sprouting like weeds. Here are four stories and 24 units on Southeast Division Street; there are four more stories and 50 more units in the Beaumont-Wilshire neighborhood. Don’t forget the 206 units coming to the North Williams/Vancouver corridor in 15 months at the Cook Street Apartments, the 180 more that will be just across the way in the Aleta or the 211 springing up on Northeast Broadway at 33rd in Grant Park Village.
All these projects merely scratch the surface of what’s been built, what’s under way and what’s on the way. According to a fall 2013 construction report from Mark. D. Barry & Associates, a Portland appraisal company, more than 5,300 units came on the market in late 2012 and 2013, and another 5,000 were under construction and scheduled for completion in late 2013 and 2014.
“They’re definitely building more than they have in the past four years,” says Joseph Chaplik, president of Joseph Bernard Investment Real Estate.
Developers and builders are meeting pent-up demand for rental housing from a growing population and people who are once again finding work and needing places to live. These developers are doing nothing short of transforming some of Portland’s historic neighborhoods, entirely changing the character of some areas or creating brand-new neighborhoods in others.
The apartment boom helps meet the city’s desire for density and development of long-stagnant areas. But it’s also rankling neighbors who bristle at the prospect of increased traffic, parking challenges and the loss of character that attracted residents to these neighborhoods in the first place.
How much longer the market will support such a boom is hard to tell. Estimates of units on the way range from 10,000 to 20,000. Whether it’s two more years or five or eight, the apartment spree will leave Portland neighborhoods much different than they are today: more densely packed with people, woven with restaurants and shops, and central to the city’s ongoing urban evolution.
Tuesday, July 01, 2014
BY HANNAH WALLACE | OB BLOGGER
Demand for organic food continues to soar: Last year, sales of organic food rose to $32.3 billion — up 10% from 2012. In Oregon, organic produce wholesaler Organically Grown Co. has been championing organic growing methods for four decades.
Wednesday, August 06, 2014
BY LINDA BAKER | OB EDITOR
Portland startup Green Endeavor strikes gold, inking a partnership with Underwriters Laboratories, an Illinois-based consulting and certification company with offices in 46 countries.
Thursday, July 03, 2014
BY TED AUSTIN & MIKE BAELE | GUEST CONTRIBUTORS
The Office of Economic Analysis announced that Oregon is currently enjoying the strongest job growth since 2006. While this resurgence has been welcome, the lingering effects of the 2008 “Great Recession” continues to affect Oregon businesses, especially with regard to estate planning and business succession.
Tuesday, July 08, 2014
BY LINDA BAKER | OB EDITOR
The New Yorker recently published a sharply worded critique of “disruptive innovation,” one of the most widely cited theories in the business world today. The article raises questions about the descriptive value of disruption and innovation — whether the terms are mere buzzwords or actually explain today's extraordinarily complex and fast changing business environment.
Update: We caught up with Portland's Thomas Thurston, who shared his data driven take on the disruption controversy.
Thursday, July 10, 2014
BY TOM COX | OB BLOGGER
Tom Cox interviews Dr. Mark Goulston, author of Just Listen, Discover the Secret to Getting Through to Absolutely Anyone.
Monday, July 14, 2014
BY VIVIAN MCINERNY | OB BLOGGER
Some people think Amazon’s winking eye logo is starting to look like a hoodwink.
Wednesday, July 09, 2014
BY LINDA BAKER | OB EDITOR
Scott Kveton, the CEO of Urban Airship is taking a leave of absence from the company. As the story continues to unfold, here’s our perspective on a few of the key players.
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Vigilant enters a New Year with a new president.
How George Fox has become one of Oregon's largest private universities.
Forest Grove sees growth in the burgeoning food and beverage scene.
Lane Powell Shareholder William T. Patton has been appointed to the board of directors for Cascade AIDS Project, an organization that provides educational services and outreach to thousands of Oregonians living with HIV/AIDS.
Fifty-one Lane Powell lawyers were recently selected by their peers for inclusion in The Best Lawyers in America® (Best Lawyers) 2015; of those selected, 23 lawyers are from the Firm’s office in Portland, Oregon.
Barran Liebman is proud to announce that Andrew Schpak, a Partner of the firm, has been named Chair of the American Bar Association’s Young Lawyers Division for the 2014-2015 bar year.