This two-tower project — part of the 38-acre, $1.9-billion River Blocks project south of the Ross Island Bridge — will include 245 condominium and townhouse units. According to the River Blocks master plan, when completed in 2010, the complex will include restaurants, theaters, parks, viewing platforms, museums and shops, all within walking distance of the condominium towers. An aerial tram will connect the River Blocks to Oregon Health & Science University; the Portland Streetcar will provide access to downtown.
Developer: Gerding/Edlen Development Co. and Williams & Dame Development
Web site: www.themeriwether.com
Number of units: 245 (13 available)
Expected completion: May 2006
Unit sizes: 1,713 to 2,813 square feet
Price range: $759,000 to $1,499,000
Parking: Two-car tandem parking space included with each unit; additional spaces available for purchase.
Sales office: 0680 S.W. Bancroft St.; 503-222-7788; open Tuesday to Friday, 11 a.m. to 6 p.m., and Saturday and Sunday, noon to 5 p.m.
project at South Waterfront
South Waterfront – Simpson Housing plan for 270 units amid the condo towers as the rental market thrives
Developer will build a 270 – apartment among South Waterfront’s
towering condos and signal that Portland’s robust rental market and sluggish condo sales are starting to reshape the city’s housing mix. Simpson Housing last week paid about $8 million to buy Block 46 from South Waterfront’s lead developers, North Macadam Investors, said Homer Williams, who leads the North Macadam team.
Williams’ company is the lead developer in South Waterfront, a new high-rise, riverfront neighborhood just south of the Ross Island Bridge. Construction began in the area after North Macadam Investors signed a $2 billion deal with the Portland Development Commission and Oregon Health & Science University. Williams says they sold 30 to 50 condos a month when they started.
With condos cooling, apartments appear to be hot in South Waterfront and elsewhere.
A streetcar ride away from South Waterfront, Opus Northwest ditched plans for a Park Blocks condo in favor of apartments.
In South Waterfront, Trammell Crow Residential has started construction on the district’s first apartment building, a tower targeted at luxury renters. Simpson’s project at Block 46 will be shorter and marketed with less expensive rents. Plans call for two six-story buildings with ground-floor shops designed by Ankrom Moisan and Associates. Simpson, founded in 1948 and a big player in the nation’s apartment market, has more than 1,750 units in the works on the West Coast. Just south of the Simpson site, Williams & Dame Development will build affordable apartments under an agreement with the Portland Development Commission. Williams said he expects construction to start on Block 46 and 49 in 2008.
In the past year, the Portland-Vancouver market saw average apartment rents climb 6.9 percent, according to research firm RealFacts. In Silicon Valley’s Santa Clara County, apartment rents climbed 11 percent, and in Seattle, rents went up 9.9 percent. Block 46 covers 62,000 square feet or about 1.5 city blocks. The sale has no effect on North Macadam Investors’ commitments under its agreement with the Portland Development Commission, said Larry Brown of the PDC.