[CouvScott]

I might consider getting full coverage on my car...
http://i40.photobucket.com/albums/e214/couvttocs/MVC-019F-1.jpg?t=1166206850http://i40.photobucket.com/albums/e214/couvttocs/MVC-018F.jpg?t=1166206893

[pdxstreetcar]

http://farm1.static.flickr.com/148/395793207_70a6016efb_o.jpg

[MarkDaMan]

^I walked past the site, the first floor looks really short.

[65MAX]

Maybe there's no ground floor retail? :shrug:

[bvpcvm]

^ from what i remember, that's correct

[westsider]

Naitos not exactly known for its thriving retail enviroment.

[pdxman]

Yeah ^^^ who the hell would shop there? Other than the few who live there...

[65MAX]

Yeah, kinda off the beaten path on that side of Naito Pkwy. At least until they redevelop Centennial Mills into a new Public Market.

[tworivers]

There's no retail. Lots of amenities for residents like a fitness center, conference rooms, guest suites, etc. I'm very curious to see how the water feature shapes up.

[Castillonis]

I took these photos on Mon 24Sep07. Construction workers are installing glass on the northeast corner and the center of the western side. You can see the Azure building to the south of the Mistral building.
http://lh3.google.com/stoneyv/RvrFh4epaoI/AAAAAAAAAF4/0smQX4Y9K1k/s144/IMG_6022.JPG
http://picasaweb.google.com/stoneyv/PacificaAtRiverscape/photo#5114617512719903362

[zilfondel]

Yep, they're topped out, aren't they?

I wonder what Naito Pkwy is going to be like once this section of the road gets developed.

[MarkDaMan]

any word on the other two Waterfront Pearl towers? I'd love to see them built as apartments. I was ticked off when I almost got a place at McCormicks pier a few years ago, only to be told they were going condos in less than a year. Always wanted to live right on the river though!

[Castillonis]

Twin 10 story condominium towers located at 1300 NW Naito Parkway Portland, Or developed by Pemcor Investment Corp. of Vancouver, British Columbia, and Grancorp Inc. of Seattle. The architect is Soren Rasmussen. Extensive water features and landscaping will be incorporated into the design.(1)

Mistral (north) 97 units ranging in size from 900 ft^2 to 2000 ft ^2
Azure (south) 95 units ranging in size from 900 ft^2 to 3200 ft^2
http://farm3.static.flickr.com/2076/1535681051_0a367be18d_b.jpg
I took and edited this photo and it is being served by Flikr

Google maps (Note the addition of Portland to streetviews)
http://maps.google.com/maps?f=q&hl=en&geocode=&time=&date=&ttype=&q=portland,+oregon&ie=UTF8&ll=45.532522,-122.678404&spn=0.005246,0.013518&t=h&z=17&om=1

Microsoft maps (requires 3D download)
http://maps.live.com/default.aspx?v=2&cp=44.023938~-99.71&style=h&lvl=4&tilt=-89.875918865193&dir=0&alt=7689462.6842358

Sources
1. http://movingtoportland.net/condos_river.htm
2. http://www.portlandmaps.com/detail.cfm?action=Summary&propertyid=R141438&state_id=1N1E34BB%20%20300&address_id=925134&intersection_id=&dynamic_point=0&x=7643903.859&y=687857.585&place=1300%20NW%20NAITO%20PKWY&city=PORTLAND&neighborhood=PEARL&seg_id=136757
3. www.waterfrontpearl.com/waterfrontPearlFull.swf

[Castillonis]

Photos that I took of the Waterfront Pearl buildings on 08Oct07 and 09Oct07
Notice the installation of the cladding on the Mistral building. The suface resembles concrete with a smaller aggregate.

http://lh6.google.com/stoneyv/RwsxBYepa4I/AAAAAAAAAJI/HJHf8f5QqpA/s144/IMG_6110.JPG
Mistral
http://picasaweb.google.com/stoneyv/WaterfrontPearl/photo#5119239301257325442

http://lh6.google.com/stoneyv/RwsxBYepa5I/AAAAAAAAAJQ/zrr3QV7P-Ag/s144/IMG_6115.JPG
Azure
http://picasaweb.google.com/stoneyv/WaterfrontPearl/photo#5119239301257325458

http://lh3.google.com/stoneyv/RwsxBoepa6I/AAAAAAAAAJY/jmrFuDa1GkM/s144/IMG_6123.JPG
Azure from the south looking north
http://picasaweb.google.com/stoneyv/WaterfrontPearl/photo#5119239305552292770

http://lh5.google.com/stoneyv/RwsxCIepa7I/AAAAAAAAAJg/e7rt-sQEkII/s144/IMG_6124.JPG
View of Broadway bridge looking to the south
http://picasaweb.google.com/stoneyv/WaterfrontPearl/photo#5119239314142227378

http://lh5.google.com/stoneyv/Rwsx3Iepa_I/AAAAAAAAAKE/BooUpKxjig0/s144/IMG_6109.JPG
Installation of cladding
http://picasaweb.google.com/stoneyv/WaterfrontPearl/photo#5119240224675294194

http://lh6.google.com/stoneyv/RwwWUIepbGI/AAAAAAAAALU/M_qrMZV4zWg/s144/IMG_6127.JPG
From SW looking NE. Notice the train boxcars
href="http://picasaweb.google.com/stoneyv/WaterfrontPearl/photo#5119491411542633570

[WestCoast]

I guess it's obvious from the above photos, but the crane for the mistral came down sometime last week.

still very hard to see how these buildings are shaping up with all the scaffolding and green insulation/tyvex type stuff all over.

[Dougall5505]

from flickr http://flickr.com/photos/photoinference/
http://farm3.static.flickr.com/2226/1534456828_1ed3ccb230_o.jpg

[Castillonis]

Nice photo :) How long of an exposure did you use? It is refreshingly different.

[Dougall5505]

I found it on flickr check out the guy's picture here: http://flickr.com/photos/photoinference/

[Castillonis]

I took these photos that comprise the panoramic image at about 1630 on Wed 31Oct07 in Portland, Or. I wish I would have had time to take these at sunrise on one of the numerous sunny days that just occurred. The Mistral is to the far right and the Azure is partially obscured by a tower. The Broadway bridge is located at the left of the image.

http://aycu21.webshots.com/image/32220/2004921721986714671_rs.jpg
http://aycu30.webshots.com/image/33549/2004908807508159878_rs.jpg

[sopdx]

I was driving on Interstate yesterday evening. There is an amazing vantage of the Waterfront Pearl and downtown from the area where they tore down the red lion. It would be a perfect place for housing

[MarkDaMan]

^That's Paul Allen's land. He certainly has the resources to put up something stunning there, but apparently the silos are a deal killer.

[Castillonis]

I took this photo Wed, November 22, 2007, 12:36:39. The Mistral has most of its glass installed on the northern side.

http://lh5.google.com/stoneyv/R0VCpKGfDUI/AAAAAAAAAXw/wHFEAnaJi_Q/s800/IMG_6571.JPG
http://picasaweb.google.com/stoneyv/WaterfrontPearl/photo#5135584224939543874

[WestCoast]

last crane is coming down today.

[tworivers]

Has this one taken forever or is it just me? At the rate that the market is tanking, they might as well take another 3 years to finish it.

[bvpcvm]

if they hadn't spent so long fighting (remember it was supposed to be 4 buildings until one of the brothers dropped out) it might have opened before the market started to weaken.

[tworivers]

I guess they had the flood too.

I like these buildings from the south and west. They have some pleasant angles. Not sure yet from the east. I hope any future buildings on the Albers parking lot provide some serious contrast -- I'm glad we didn't get four in a row.

[Castillonis]

I took these images at about 1420 on Sunday 30Dec07.
http://aycu28.webshots.com/image/38347/2001976739063915038_rs.jpg

http://aycu12.webshots.com/image/39171/2001905842927688172_rs.jpg

http://aycu12.webshots.com/image/39171/2001903959455750870_rs.jpg

[sirsimon]

Nice looking little buildings.

[Castillonis]

I took these photos at 15:35 on Sun 06Jan08.
http://aycu01.webshots.com/image/38640/2003174963350867576_rs.jpg

http://aycu12.webshots.com/image/39891/2003158727176434892_rs.jpg

[Dougall5505]

nice pics cas!
the wyatt sure looks squat from that POV

[pdxman]

Yes, nice pics castillonis...I honestly feel that if every newer building in portland were 3-4 times taller they would look sooo much better. Everything is so squatty. I am liking how the waterfront pearl is turning out, the glass is that light blue tint that reminds me of vancouver...they could also be 5-6 times taller too.

[bvpcvm]

god it's taking this project FOR EVER to finish up. they started work on this in summer of 2005. is anything actually happening on the site? it seems like it's taken months just to cover up all the green.

[WestCoast]

i drive by every day, and they are busy busy, but I have NO idea what they are doing.

The little extender lift things are all over the place, yet no final facade.


I also hope it's not going to be the all grey stuff at the front, that is very drab for river front space.

[tworivers]

I've been wondering the same thing -- is the facade-work stalled or what? I've biked by on the bridge so many times now expecting to see some work, that I've begun to suspect that something is awry.

[dkealoha]

Have you guys noticed that the townhouses on the northern end of Riverscape Townhomes seem to have also stalled on the facade? I haven't been down there, but from the freemont bridge you can see the green insulation stuff on those townhomes as well.

[WestCoast]

Mistral as of last week is having the white facade placed.

About time, hope they have sold some of these units...

[tworivers]

^^^ I noticed that too.

I also biked down to Riverscape and, while those half-finished townhomes looked like they hadn't been touched in weeks, they've opened up the area around the new building (I hesitate to call it a tower) and appear to be installing railings on the old dock that is featured prominently in the renderings. I wonder if the marina will also happen.

[MarkDaMan]

Hopefully that piece of shit LRS tower is canceled and something new and better will be designed when the economy rebounds in a few years...

[philopdx]

Update 3-16-08:

They haven't made a bunch of progress in the past two months, I wonder what the deal is?

http://farm3.static.flickr.com/2367/2347715024_9340c9897f_b.jpg

http://farm3.static.flickr.com/2010/2346885041_c787e72a36_b.jpg

[urbanlife]

wow, I really need to get out more, there are so many projects that are much further along than I expected.

[philopdx]

Some cladding progress on Mistral, 3-22-08:

http://farm3.static.flickr.com/2201/2352990305_65df4daa43_b.jpg

[PacificNW]

Looks like the materials are of very high quality... right?

[MarkDaMan]

^actually, I was just gonna ask...

Since they spend so much time doing nothing, did they go out and find a cheaper skin? looks like it!

[Castillonis]

There were construction workers in buckets at both buildings this Saturday.

800x600
http://aycu14.webshots.com/image/50653/2004214642693164675_rs.jpg

1240x576
http://aycu37.webshots.com/image/49996/2004295162340655423_rs.jpg

NOTE: I took these photos on Sat 05Apr08

[PacificNW]

From what I can see I like the materials they are using.

[bvpcvm]

i think these will look nice when they're done, but GOSH DAAAAARN they're taking a long time.

[zilfondel]

They probably had to wait a long time to procure the materials. Lots of slowdowns in the industry due to demand...

[philopdx]

Update 4-13-08:

http://farm4.static.flickr.com/3210/2412177386_0809984e52_b.jpg

http://farm3.static.flickr.com/2091/2411350217_b2053766f8_b.jpg

[philopdx]

Update 4-19-08:

http://farm3.static.flickr.com/2135/2427552810_e17f115911_b.jpg

[MarkDaMan]

what a difference a couple weeks make!

[dkealoha]

I wonder how buildings like this and the Metropolitan that are clad in white will look after a couple of years. When I was in Vancouver, BC over the holidays, it seemed like a lot of the buildings needed a good power wash to get all of the mildew/mold/moss off of it. Granted, I think they have more rain than we do, but it will be interesting to see what the upkeep will be like to keep the buildings looking white.

[zilfondel]

^ Have you seen pics of Hong Kong?

[philopdx]

Update 4-26-08:

http://farm4.static.flickr.com/3124/2445156059_03d0be0ed1_b.jpg

http://farm3.static.flickr.com/2420/2445156367_ceace4ce9b_b.jpg

[philopdx]

Update 5-10-08:

http://farm3.static.flickr.com/2166/2481636889_6361a1ea98_b.jpg

http://farm3.static.flickr.com/2339/2481636709_912cb9be35_b.jpg

[crow]

i really want to like these towers, and even the symmetry from the river could be compelling, but i think there is just too much going on. the materials and forms just collide with little grace - and you would hope those moves would help the ill proportions, but i think they make it even worse. for certain these buildings suffer from bad pearl district proportion - fat and short - bad combinations when compounded by trying to pull off so much in the form. i hope the site work will be as interesting as promised - the water surrounding the base, and stormwater collection could be very cool!. i think projects in general are slowing down and losing momentum b/c of the current condition with mezzanine financing, and the lender institutions in general. hopefully things will pick up before they reach a complete stop! Encore, 937, Riverscape, 3720, Cyan all seem to be in a hurt.

[WestCoast]

crow, you've really hit on the head what I couldn't put in words.

These things are just a hodgepodge of textures, lines and curves.
I didn't mind them as they went up, but with the cladding and overhangs and stuff, it just seems like a visual mess.

It's no lovejoy yet, but for a waterfront tower.... :shuffle:

[Dougall5505]

I saw it from across the river today and I think it looks really good from that perspective.

[tworivers]

I agree with crow, although from what I can tell the glassy river side will be somewhat more compelling (kind of what Dougall is saying?).

Don't forget that, if it wasn't for the ongoing dispute between the two wings of the Naito family, this would have been four similarly-themed towers instead of two. That would have been awful, especially considering the unbroken stretch of condos between the Steel and Broadway bridges and the new ones north of the Fremont. Of course, that parking lot next to Albers would have been gone...

[philopdx]

Update 6-8-2008: Looking nearly completed.

http://farm4.static.flickr.com/3119/2569719176_3f010f31f9_b.jpg

http://farm4.static.flickr.com/3110/2569717256_3eaf245a9d_b.jpg

[bvpcvm]

i walked by these the other day and have to say i think they look pretty nice in real life.

[WestCoast]

philo - that's actually a pretty flattering angle!

From the water, or cruising up interstate/larabee, these are good news for people who like bad news

[rsbear]

Haven't seen them in real life yet, but from those last two pictures I like them quite a bit.

[cab]

I love these buildings. The scale is great. What sets these buildings apart from others in the area is the nooks and angles that add nuance and uniqueness depending on how you look at it. From the street all the different unique spaces make it interesting. I know Portland is pretty obsessed with the jewel box, clean line, sterile thing, but I'll take this over any slab box with one trick red balconies any day.

[MarkDaMan]

It's too bad the Strand didn't go in this direction.

Who's the architect?

[IanofCascadia]

It's too bad the Strand didn't go in this direction.

Who's the architect?

I'm actually quite fond of the Stand. Once SoWa and Schnitzer are build out, I think that it will very nicely help tie the new district into downtown.

[tworivers]

Builder puts lien on Waterfront Pearl developer
Hoffman Construction seeks $15.8 million, saying it hasn't been paid in two months
Tuesday, August 05, 2008
JEFF MANNING
The Oregonian Staff

Hoffman Construction has slapped developers of the Waterfront Pearl condominium project with a $15.8 million construction lien.

Bart Eberwein, Hoffman vice president, said Monday that the Portland construction company filed the lien in late July because it has not been paid in more than two months.

The developer of the two buildings on the west bank of the Willamette River near the Broadway Bridge said that the project is on track and that the lien is a momentary glitch.

Paul Mayer, of Vancouver, B.C.-based Pemcorp Development, said the building's rising price tag has forced developers to restructure their loan agreement with their lenders. While negotiations continue, the developers have not taken any draws from their constructions loans, which meant that Hoffman didn't get paid.

Design changes and other factors pushed the building's price tag from slightly more than $80 million to about $91 million, Mayer said.

"This is a nine-figure financing package," he said. "It's not the kind of thing you can amend with a phone call."

Condos have become a tough sell in Portland. Declining demand has forced some condo developers to convert buildings under construction to apartments.

Mayer said sales at Waterfront Pearl are going well, given the slowdown. About half the project's 194 condominiums have been sold. The condos range in price from $449,000 for a 921-square-foot one-bedroom unit to $2.8 million for a 3,300-square-foot, three-bedroom suite.

Hoffman broke ground on the building in October 2005. Sales began in earnest in mid-2006.

Early on, water was a problem at the site. Hoffman crews spent a lot of time pumping Willamette River water off the property, Eberwein said.

The "unexpected site conditions," combined with the building's complex design and changes requested by the developer drove up the price to beyond $90 million, Mayer said.

Hoffman last got paid in the spring. "There were a few late payments, then it went to zero payments," Eberwein said.

Mayer said he expects the problem to be resolved shortly, when the lenders agree to restructure the loan.

Waterfront Pearl's main lender is CPDQ Mortgage, an affiliate of a large Quebec pension fund. A subsidiary of Australia-based MacQuarie Group furnished additional financing.

U.S. banks have written off billions of bad residential development loans and are retreating from the market to limit further losses.

While Portland's real estate market remains one of the strongest in the country, it too has seen declining prices and slack demand. The condo market has been particularly weak.

Mayer said Waterfront Pearl's lenders remain committed to the project.

"Our lenders are extremely sophisticated," Mayer said. "They are international players. They have a broad perspective."

Jeff Manning: 503-294-7606; jmanning@news.oregonian.com.

[Leo]

"Our lenders are extremely sophisticated," Mayer said. "They are international players. They have a broad perspective."

Yes, quite sophisticated, unlike those country bumpkins at Bear Stearns... :rolleyes: Any pension fund manager would be seriously remiss if they did not question their committment to real-estate investments at this time.

I like these buildings, but they are quite literally on the wrong side of the tracks, without offering an appropriate price discount.

[WestCoast]

1/2 sold.... I don't know whether to jeer or cheer.


I expected a lower number in this market, but at the same time, this isn't awful. Bad, but not catastrophic I would say.


I like the looks of the units, but I really don't think the buildings came out as anything but a hodgepodge of similar colors, textures and weird angles and curves.

Not like my opinion matters much, but I agree with above poster as well, these things are in a weird spot to command such a premium price.

[philopdx]

Hmm, you know I had a funny feeling about the financial state of things given those extended periods of inactivity when the buildings had their bright teal insulation exposed. Guess my spidey sense was right again...

[pdxcrow]

They did offer to buy me an electric Smart car if I would buy. Maybe they should have paid the construction company instead.

[Pearl_Steve]

View from the Fremont Bridge taken during the bridge pedal on sunday:

[see below for the resized pic]

[zilfondel]

^^^ for smaller monitors:

http://img229.imageshack.us/img229/38/pearlwpedal2pl0.jpg

[Dougall5505]

I took a jet boat down the willamette recently. sorry for the size zilf. more here: http://forum.skyscraperpage.com/showthread.php?t=155593
http://farm4.static.flickr.com/3134/2740453552_7e54dfdd98_b.jpg

http://farm4.static.flickr.com/3215/2739614531_d83e52b670_b.jpg

[tworivers]

I just rode over the Broadway Bridge and couldn't help but notice that no one is working down there -- and the waterfront is barely half done.

I'm guessing this means that the developers have so far not been able to renegotiate the terms of their loan.

Anyone here with a financial background know what the various scenarios are if they fail to get the loan changed and can't pay Hoffman?

[PDX City-State]

I don't think it's any cause for concern. They've probably cut back a bit as the funds have gone dry. Once the funding is restructured, I'm sure a full schedule will resume. This type of stuff happens all the time with big projects in changing economies.

[Castillonis]

There is a 360 panorama taken between the Azure and Mistral

http://portland.360cities.net/fs.html?loc=WaterfrontPerlAzureMistral.p36

[sowat]

thanks Castillonis

curious, what camera/set-up do you use to shoot these 360s?

[smendesPDX]

thanks for the panorama Castillonis!

[MarkDaMan]

^any word if construction has resumed? What is it going to be, condo? apartments? Seems like with the Encore and these guys, we've got a bit of a distressed corner.

[pdxcrow]

^any word if construction has resumed? What is it going to be, condo? apartments? Seems like with the Encore and these guys, we've got a bit of a distressed corner.

As far as I know, Waterfront Pearl is still condo. They've sold a hand full of units. 25-50% I think. I have a few friends that live in there and they haven't heard anything about construction last I checked.

Encore on the other hand...... when I went in to inquire about prices (out of curiosity). They handed me a 4-5 page document with every unit listed. Needless to say, they have a lot of openings. Hopefully it will start to sell when the park gets underway.

[MarkDaMan]

^thanks for the info...I'd be pissed if I put down money for a unit and wasn't getting weekly updates leading up to the move in date and then daily updates when they were delayed after I was suposed to be in the unit. Maybe the Waterfront Pearl 'owners' could instead snap up some Encore units? Then Waterfront Pearl can go apartment for a few years.

[PacificNW]

"As far as I know, Waterfront Pearl is still condo. They've sold a hand full of units. 25-50% I think. I have a few friends that live..." ... So, there are people who are actually living/occupying units in the Waterfront Pearl? I prefer the WF Pearl compared to the Encore...personal opinion.

[CouvScott]

Initial motion asks for $15 million in construction costs from Pemcorp
Development and its lending partners CPDQ Mortgage and MacQuarie Bank

POSTED: 04:00 AM PDT Tuesday, October 14, 2008
BY TYLER GRAF

A lien filed by Hoffman Construction against the developers of the Waterfront Pearl condominiums in July has yet to be settled, resulting in the general contractor filing paperwork to ask for a jury trial to settle the issue.

In July, Hoffman filed an initial lien against project developer Pemcorp Development and its lending partners CDPQ Mortgage Co. and MacQuarie Bank Limited, requesting $15 million in construction costs.

Bart Eberwein, a vice president for Hoffman Construction, said the lien was filed after Pemcorp fell behind in payments to Hoffman for work the company had already done to the project, which Eberwein says has seen significant financial overruns since ground broke.

“We are making our position clear by filing the lien,” Eberwein said.

Paul Mayer, president of Vancouver, B.C.-based Pemcorp, admits his company hasn’t paid Hoffman. But the development company has taken a financial blow, too, as it hasn’t taken a draw from its loans in months, Mayer said.

Cost overruns have dogged the development. The overall cost, for example, climbed from $80 million to $90 million. The increase was caused by a range of factors, from changing materials in mid-stream to what Mayer calls a “high-water event” during excavation, which set the project back.

The delay coupled with the increased costs forced Pemcorp to restructure its loan agreements with its lenders. The process, however, has become increasingly difficult given the current state of the economy, Mayer said.

“(But) There’s no way the lender will let Hoffman gain control of the (building),” Mayer said.

Eberwein fears the tardy payments are a result of the collapse of the international lending industry. Although Mayer agreed, he said the current economic situation for CDPQ Mortgage is less about a loss in capital and more about a loss in focus.

“They can’t just focus on one situation in Oregon,” Mayer said.

CDPQ Mortgage has $160 billion in assets and is the largest pension fund in Canada.

The company’s focus, given the downturn in the economy, has shifted sharply to protecting its pensioners’ money, Mayer said.

CDPQ Mortgage has the money, but the terms of the loan need reworking, he said

The situation would not have been the same six months ago, he added, when the lending industry was not as tightly wound.

But the situation hasn’t changed much in three months, when Mayer promised a speedy reconciliation to the lien. And Hoffman Construction has reason to be concerned about its ability to recoup its losses, Eberwein said.

“It would be hard for me to believe that this is not somehow tied to what’s happening with the lending industry,” he added. “I think we have entered some un-chartered waters.”

On Friday, Mayer had a conference call with the project’s lenders, and he remains optimistic that he can refocus the lenders’ attention on reaching a solution that would pay Hoffman Construction.

However, the lenders may feel compelled to stake their arguments against the lien in court, in which case no end is in sight.

If Hoffman won its case, it would be allowed to take ownership of the building. But this would bring up another major point of contention, Mayer said: the development cost $90 million to build; Hoffman Construction is owed only $15 million.

“Mainly, this is an issue between the lender and the developer,” Eberwein said, “and we just kind of got caught in the crossfire.”

[IgnoranceIsNotBliss]

... So, there are people who are actually living/occupying units in the Waterfront Pearl? I prefer the WF Pearl compared to the Encore...personal opinion.


Last time I visited, they indicated 52 had closed escrow and another handful (maybe 30-ish?) pending. I've seen lights at night!

[tworivers]

Still no work on the water feature and waterfront path. :( I wonder what's going on behind the scenes, and I wonder what the residents are thinking. Seems like a news story to me... but nothing. I guess they're too busy feasting on Sam.

[Leo]

I don’t think any of the people involved have any incentive to talk to the media. Any media exposure of this lien issue would only dampen sales activity further, even if the news was that the issue was finally resolved. Condo owners would be especially tight-lipped, since they may want to jump ship and sell...

[Castillonis]

A few lights are on in the buildings. Click on the image if you want to see more.

http://www.stoneyphoto.com/forum/PearlWaterfrontJpeg_1200x252.jpg

[WestCoast]

dude, what a cool photo from a flattering angle!

you don't see the ugly glass or weird textures.

beautiful shot

[CouvScott]

POSTED: 02:16 PM PDT Tuesday, March 17, 2009
BY TYLER GRAF

For months, work on the nearly completed Waterfront Pearl condominium development, located in the Pearl District near the Willamette River, was stalled due to a $15.8 million construction lien its contractor, Hoffman Construction, placed on the project.

The lien was lifted about a week and a half ago, said Hoffman spokesman Bart Eberwein, and this week the construction firm has restarted its work on the development's water line. The project has had a history of water incursion that Hoffman is working to fix.

The lien was placed on the project's developer, Pemcor Development, when it fell more than two months behind on construction payments last summer. Finally, according to Eberwein, one of the project's co-lenders -- Australia-based Macquarie Group -- came forward and bought out the lien, allowing construction to continue. Canadian bank CDPQ was also a lender on the project, but Macquarie has taken over completely for that firm.

"I think all the condo owners have a higher comfort level that the project will actually get finished and that there's no cloud over the title," Eberwein said.

[cab]

Castillonis, that photo is creepy. You can actually see some girl watching TV in her bed. Man, people need to close blinds, that's crazy detail.

[smendesPDX]

haha, that is pretty crazy...and hilarious

[Castillonis]

In the future I will probably always do a longer exposure so that you cannot see any details. I blurred their faces, but I probably should have blurred their entire body or condo interior.

For now I will remove it until I make changes.

[MarkDaMan]

^booooo!

kidding...I think...

[Okstate]

Yes booo!!! Unless they're cutting lines of coke lets see what's going on in there. We the people demand it.

[tworivers]

Almost done. Feels oddly detached now, but when the surrounding area is filled in, revived (in the case of the Mills), and connected, it should be a nice spot.

http://farm3.static.flickr.com/2458/3582957011_cece85c317_b.jpg

http://farm4.static.flickr.com/3043/3582959205_fa3d4b799d_b.jpg

http://farm3.static.flickr.com/2434/3583771312_633314759e_b.jpg

http://farm4.static.flickr.com/3361/3582965773_101876d8bb_b.jpg

http://farm4.static.flickr.com/3350/3583777346_922cd7918c_b.jpg

http://farm3.static.flickr.com/2440/3583779824_0c6405fb1c_b.jpg

[Castillonis]

http://www.stoneyphoto.com/wp-content/uploads/pearlWaterfrontWaterLittlePlanet_600x406.jpg

Little Planet projection of the Mistral and Azure condominiums from the waterfront side. The view from the waterfront has unobstructed views of the Freemont and Broadway bridges. You can also see the silos where cargo ships are often moored.

[Leo]

What is going on with these buildings? Looks like all units have been pulled off RLMS. How do they ever expect to sell the units if they're not even listed?

[Leo]

I guess this answers my question:

http://www.oregonlive.com/business/index.ssf/2009/07/portland_condo_tower_taken_ove.html

But given that they haven't listed any of their units in MLS for months now, I don't see how they ever expected to avoid disaster...


Portland condo tower taken over by Australian lender
by Ryan Frank, The Oregonian
Friday July 31, 2009, 7:17 PM


Faith Cathcart/Oregonian
The two-building Waterfront Pearl project started as the river-front icon of the popular Pearl District. But after construction delays, cost overruns and slow sales, it's now owned by an Australian bank.
The Waterfront Pearl, one of four buildings featured in this year's Street of Dreams show, is the first major Portland condo project to go back to the bank since the condo craze crashed in 2007.
A subsidiary of Macquarie Group, an Australian financial firm, took over the 194-unit project this summer after the developer couldn't raise enough cash to cover cost overruns.
Developer Paul Mayer of Pemcor Development in Vancouver, B.C., tried since last year to negotiate a workout with his lenders. On other Portland condo projects, lenders and investors have stopped short of foreclosure by agreeing to take lower returns or a loss

In Mayer's case, he couldn't convince international lenders to cut a deal. So he deeded the property to the Australian bank in lieu of foreclosure. "We've resolved it as well as we could have in the circumstances for all parties," Mayer said Friday.

The Waterfront Pearl symbolizes the troubling times for real estate developers and banks. The project was marketed as an eastern extension of Portland's Pearl District with riverfront and mountain views and a dramatic water feature that wraps the ground floor.

Prices were supposed to ride the top of the market at about $500 per square foot on average. Instead, construction costs escalated, the schedule bogged with delays and sales sputtered thanks to a credit crisis and tumbling home values. The bank is now offering about 150 of the remaining units as rent-to-owns or for-sale condos.

The Home Builders Association of Metropolitan Portland, which runs the Street of Dreams show, moved this year's show to feature downtown condos because of the stalled luxury-home market.

They had planned to include some suburban homes this year, but builders couldn't lock up loans from lenders burned by the busting residential real estate market. Eric Stride, the show's operations manager, said one builder even had a buyer for a $1 million home -- modest by the show's standards -- and still couldn't get a construction loan.

The Street of Dreams starts today with nine condos in four buildings. It's billed as one of the country's first luxury home shows for condominiums.

Mayer launched the Waterfront Pearl's sales in 2005 when Portland's condo market was red hot.

Mayer's company took out a $96.8 million loan with CDPQ Mortgage Corp. of Quebec and an $18.4 million loan with Macquarie's subsidiary. His contractor, Portland's Hoffman Construction, broke ground on the two-building project in October 2005.

Problems began soon after. Crews ran into flooding from the neighboring Willamette River twice. Instead of building, they spent time pumping out the river.

By summer 2008, Mayer's company didn't have enough money to keep up with the rising costs. Hoffman Construction filed a $15.8 million construction lien on the project that July after it worked for two months without pay, according to company executives.

Hoffman halted its work between June 2008 and March, and Mayer tried to convince his two lenders to help cover the overruns. The project that started with an $85 million construction budget jumped by $10 million, or 12 percent.

Mayer thought he had negotiated solutions twice, but both fell through. Macquarie eventually bought out the other lender, paid up with Hoffman Construction and finished the water feature.

Mayer then signed the property over to Macquarie on June 30. Macquarie executives couldn't be reached Friday for comment.

Mayer said he's still trying to recover money from his architect, MCA Architects of Portland. He said the firm's construction drawings created problems during construction and he's seeking as much as $7 million in damages. The two sides are scheduled to begin mediation this fall. An executive at the architecture firm declined to comment.

The Waterfront Pearl is among a generation of condo towers that rose at the tail end of the condo boom. The projects launched when the market was still hot, but they're now languishing.

In some cases, lenders and investors have been willing to negotiate a workout plan. That's led to slashed prices in every major condo project.

Among 13 new downtown projects, there were 795 unsold condos left in the market. Of those, 18 sold in June. But the sales this year are coming at steep discount of 23 percent from the original list price, according to research by real estate brokers at Realty Trust City.

The Waterfront Pearl, according to the firm's research, has stopped its sales marketing. But at the building's sales office, a woman who declined to give her name said sales were still ongoing along with a rent-to-own program.

[Leo]

The article formatting doesn't cut & past cleanly, so I'm only posting exerpts. The full article can be found here (scroll to p.27): http://www.nwexaminer.com/issues/9September2009.pdf

By Allan Classen

A month before opening day of this year’s Street of Dreams, the developer of one of the four featured Pearl District condominium buildings, Waterfront Pearl, surrendered the 194-unit twin towers to its lender.

...

John Gibbon, an attorney specializing
in condominium law, said limiting the
number of rented units (whether owned by
the developer or individual buyers) is a key
element of condominium management.
Homeowners associations usually place
limits on rentals because they limit the
ability of condo owners to sell or refinance
their units. Those limits, which attempt to
reflect standards of the secondary lending
market, traditionally have been around 20
percent.
A developer or building owner who
retains control of a majority of the con-
dominium units can create headaches for
condo buyers later if construction defects
and maintenance issues arise, said Gibbon.
Homeowner associations must be given
control over the building when a majority
of units are sold or within three years after
the first sale, but the developer would retain
a majority of the votes in the new HOA
and therefore control its actions.
That could create a long limbo period
for condo owners in a building like the
Waterfront Pearl, he said. For instance, if
the large pool surrounding its twin struc-
tures should spring leaks—which happened
during construction, leading to large cost
overruns—individual owners may want to
use the HOA to press the owner/builder
to correct the defects, but Macquarie could
still have the majority voting bloc and could
move instead for all units to pay propor-
tionately for the repairs.

This business about the developer controlling votes for unsold units (rented or not) should be a *huge* concern for anyone who is considering buying a unit in any new construction building...

[JordanL]

This is why I flat refuse to live in anything but an actual house, urban living be damned.

I'm not giving control of my property to an HOA, period.