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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.
Wednesday, September 30, 2015
Oregon Business magazine has named the seventh annual 100 Best Nonprofits to Work for in Oregon. The rankings were revealed Wednesday night during an awards dinner at the Sentinel Hotel in Portland.
Thursday, October 01, 2015
PHOTOS BY JASON E. KAPLAN
Images from the big 2015 celebration of worker-friendly organizations that make a difference.
Friday, November 20, 2015
PHOTOS BY JASON E. KAPLAN
Wednesday, October 28, 2015
BY DAN COOK
The artisan generation redefines manufacturing.
Wednesday, November 11, 2015
BY LINDA BAKER
“What we’ve seen traditionally over the past few decades is a reduction of short line railroads. This is a rare opportunity to see a line being opened.”
Wednesday, October 21, 2015
BY JASON NORRIS | CFA
Volatility reigned supreme over the summer. The old Wall Street adage of, “Sell in May and go away,” was prophetic in 2015.
Thursday, November 12, 2015
BY LINDA BAKER
I walked off the Vigor Industrial shipyard that day with a clear cover line in mind: the Love Boat.
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Economic diversity has proven a smart strategy for the Port of Hood River. How can other Oregon communities replicate the model?
Phone, Internet needs of small community school districts earn attention of top-five telecom provider.
Farmland LP grows its vision for organic farming in Oregon.
The Salem Convention Center has capped its tenth anniversary year by earning the prestigious “Best of the Best 2015” award from NW Meetings & Events magazine. Selected as the Best Convention/Conference Venue in Oregon by meeting and event planners from Alaska, British Columbia, Idaho, Oregon and Washington, the Salem Convention Center ranked above the Oregon Convention Center and the Portland Art Museum.
The Oregon Cooperative Hall of Fame honors individuals for their outstanding contributions to the successful building and operation of Oregon agricultural cooperatives.
Health insurer reports $10.2 million in net income after taxes through the first nine months of 2015.