|| Print ||
|Friday, May 11, 2012|
BY LINDA BAKER
Last fall I wrote a short piece about suburban housing developers moving into the inner city after the housing collapse and building high density infill houses instead of single-family subdivisions. I ended the story with a quote from Eli Spevak, a Portland developer who had been building such small-scale community projects for a number of years. Responding to my question about big-box developers encroaching on local territory, Spevak said their presence does re-enact a bit of the “local coffee shop vs. national coffee shop” dynamic. But as a proponent of high-density, low-impact living, he didn't want to complain. “I wish there were more,” he said.
I caught up with Spevak again yesterday, the day after he signed a $4.4 million construction loan from Pacific Continental Bank, the lender’s first new for-sale project since early 2007, according to Charlotte Boxer, Pacific Continental's president and director of commercial real estate. The loan will help finance Spevak’s latest project, Cully Grove, a 16-unit co-housing development in Northeast Portland. So far 15 units have pre-sold, no easy task in a city where there are virtually no new, for-sale multifamily developments.
Spevak attributes his ability to pre-sell the project to interest in cooperative living and “a great group of buyers,” about half of which are empty nesters and half families with children. The development consists of three 1,800-square-foot detached homes, which sold for about $420,000-$450,000. The remaining units are 1,500-square-foot duplexes and triplexes, which sold for about $320,000-$370,000.
The two-acre lot, which Spevak and his partner Zach Parrish purchased for $800,000, will also include community gardens, courtyards, an outdoor kitchen and small common house.
Spevak, who will break ground on Cully Grove this weekend, pointed to evidence that other alternative housing types are on the rise in Portland.
More specifically, the city is experiencing a boom in accessory dwelling units: self-contained homes built on the same lot as a single-family home. According to city of Portland data, these “ADUs” typically account for about 1 percent of new residential units. That figure increased to about 6 percent in 2010. The city expects to issue about 100 ADU permits this fiscal year, up from 70 last year.
Of course, the city’s decision in 2010 to waive system development charges for ADUs may have something to do with the increase. Those charges typically amount to $8,000-$12,000, making most people say “forget about it,” said Spevak, who lobbied for the waiver. The city also voted to increase the ADU size limits from one third to three quarters of the size of the main house.
In the years since the crash, anxious homeowners and homebuilders have wondered when the housing market will come back. But perhaps a more pertinent question is what form it will take when it does. Collectively, the success of Cully Grove, the increase in ADUs, the shift in city policy and yes, the decision on the part of big box developers to retool their projects for the inner city, all suggests that at least for a segment of the population, the future of housing is dense, flexible and more than a little neighborly.
Linda Baker is managing editor of Oregon Business.
Thursday, August 27, 2015
BY LINDA BAKER
How do you put a baby on the cover of a business magazine without it looking too cutesy?
Wednesday, September 16, 2015
BY GREGG LEWIS | OP-ED
The issue of green-washing remains a significant challenge to those of us who would like to see the building sector in this country do more than make unverifiable claims of sustainability. Transparency about the impacts of a given material is the only way to allow designers to make intelligent choices when selecting building products.
Wednesday, August 19, 2015
BY JACOB PALMER | DIGITAL NEWS EDITOR
One of the hottest new investment trends has proven quite lucrative for some companies.
Tuesday, August 18, 2015
BY JASON NORRIS | CFA
Earlier this month, the People’s Bank of China (PBoC) announced they were going to devalue their currency, the Renminbi. While the amount of the targeted change was to be roughly 2 percent, investors read a lot more into the move. The Renminbi had been gradually appreciating against the U.S. dollar (see chart) as to attempt to alleviate concerns of being labeled a currency manipulator.
Monday, September 28, 2015
BY JOE CORTRIGHT
Corporate headquarters are no longer a marker of economic prowess.
Thursday, September 24, 2015
BY KIM MOORE | RESEARCH EDITOR
The traditional model of sports teams using paid media to get their message across is disappearing as teams look instead to social media to interact with fans.
Monday, September 28, 2015
BY CHRIS NOBLE
This year has been so dry we were caught napping when it finally started to sprinkle. Hopefully you didn’t get caught in a downpour while eagerly awaiting — don’t deny it — our curation of Oregon-grown wet weather wear.
|The List: 100 Best Nonprofits to Work For in Oregon|
|Run, Nick, Run|
|100 Best Nonprofits: Working for equality inside and out|
|One Tough Mayor|
|Cream of the Crop|
|Fare Thee Well, Company Town|
|Hiring report disappoints|
|Phil Knight memoir: Coming spring 2016|
|2 out of 5 millennials pay for their news|
|Oregon's graying workforce|
|How much did Bernie Sanders raise in Q3?|
|Federal regulators OK Jordan Cove LNG terminal|
|Amazon to emulate parts of Uber's model|
Wage gaps and workforce shortages are threatening the quality of care and supports to Oregonians with intellectual and developmental disabilities. Who’s caring for those who care for our most vulnerable residents?
Engaging employees and customers along the way.
After first visiting as tourists, entrepreneurs relocate to Oregon and spur economic growth.
Over 300 attendees will gather to learn from 50+ regional leaders pushing the sustainability needle forward. GoGreen Portland offers a distinct platform of bringing people together across industries and sectors to build viable networks and cross-pollinate best practices throughout the regional business community.
Are you planning a meeting, party, gala, fundraiser, holiday party, golf tournament, retirement party, team building or birthday? You won’t want to miss this show to get hundreds of great ideas!
Promoting from within its own ranks, PacificSource Health Plans has tapped Tony Kopki to head its commercial lines of business in Oregon, Idaho and Montana. In his new role as Vice President of Commercial Programs, Kopki will provide strategic, product and market leadership for PacificSource’s commercial programs.