The median price for existing homes in the Portland-Vancouver-Beaverton region was $291,300, up from $265,500 a year ago.
The plan calls for a 1,030-apartment mixed-use development comprised of four towers ranging in height from 10 to 32 stories.
The city economic development department is looking for redevelopment, lease or purchase proposals.
Developer Jordan Schnitzer's $115.7 million project would require $38.5 million in public subsidies.
Starwood Capital Group bought more than 1.2 million square feet of office and flex space in a $164.1 million deal.