The Casey | Complete

[MarkDaMan]

project update:

Construction starts on Waterfront Pearl

Construction started this week on Waterfront Pearl, a 192-condominium development sponsored by Naito Properties LLC.

The project is being built on the former River Queen parking lot adjacent the Albers Mill office complex. It is a joint venture between Naito Properties LLC of Portland, Pemcor Development Corp. of Vancouver, British Columbia, and GranCorp Holdings LLC of Seattle.

The project was originally conceived as a four-tower undertaking, but was scaled back to two towers, which will be set in an extensive water feature.

Units will range between 900 and 3,000 square feet, with prices starting at $350,000.

[MarkDaMan]

Oregon to get first LEED Platinum building?

early rendering, I will replace when latest become available
http://www.movingtoportland.com/homes/Casey.jpg
Platinum Potential: Design commission gives the go-ahead for a condo project at the edge of the Pearl
Daily Journal of Commerce
by Kennedy Smith
10/11/2005

Nobody had anything bad to say about the Casey Condominiums during an Oct. 6 meeting of the Bureau of Development Services Design Commission, as it unanimously approved zoning changes that would allow construction to begin on what could be Oregon's first LEED Platinum project.
The proposed Casey Condominiums is a quarter-block mixed-use residential and retail site at the corner of Northwest Everett Street and 12th Avenue. The 17-story building is set to include 61 residential units on the second through 17th floor, 4,200 square feet of retail space on the ground level, and four levels of underground parking with 190 stalls.

Setting it aside from other condominium projects popping up in the downtown core, however, is its potential for the U.S. Green Building Council's Leadership in Energy and Environmental Design Platinum certification.

Stephen Domries of GBD Architects said that the Casey has earned almost 50 LEED points (Platinum certification requires at least 52 points).

The Casey would include an eco-roof for stormwater management with photovoltaic panels that would generate energy for common-area spaces, said Catherine Navarro-Silva with GBD Architects.

"We are specifying water-efficient appliances; we're looking into getting a Flexcar on the site for alternative transportation, and we are specifying efficient and appropriate glazing (on windows) to reduce heat and glare," she said. "We're also exploring ground-source heating and cooling, we're looking at efficient skin and curtain-wall design, and we have operable windows throughout the building in residential areas as well as retail."

Along with its sustainable qualities, Domries said the Casey is distinctive in other ways.

"This would be the first quarter-block building in the Pearl," he said. "We've seen the Pearl District grow from a few stray buildings to large projects, and now we get to see a much smaller-scale building on a lot size that could really (add) some contribution to the street."

"Within the Pearl District, it's a pretty strategic location in that it can provide strong north-south access and a strong east-west access," said Kara Fioravanti with the City of Portland Bureau of Development Services.

The building would sit just north of the Brewery Blocks, "bringing the scale in that area into the downtown Pearl District," she said. Going east to west, the building would connect the northwest district neighborhood across Interstate 405 to the Pearl District, she explained.

"While it isn't a gateway location as described by the city plan, it definitely has gateway qualities," she said.

But what's most exceptional about the Casey, said Domries, is its oriel window. Defined by the zoning code as "a window that projects into the right-of-way" the Casey's design calls for an art-glass spire window extending from the second floor up to above the rooftop.

The window is more aptly described as the Casey's spine, said Domries. Made of textured glass in a geometric array of clear and several shades of blue, the design element - contributed by the Casey's neighbor, Bullseye Glass Co. - acts as a focal point along Everett Street.

"We were experimenting with how to add texture to the building during the day and night," said Domries. "We've been able to add LED lighting that would make our glass stand out quite a bit during the night time."

Applicants for the zoning changes were Roger Jones, owner of the property, Bullseye Glass Co., owner of the property adjacent to the proposed condominium, Gerding/Edlen Development and GBD Architects.

Jones, who named the building after his father Casey Jones, said he felt privileged to be a part of the design process.

"Having been through innumerable land use reviews, it's absolutely wonderful to hear the commission talking about a project in relation to art and sustainability," he said.

The specific zoning changes approved last Thursday included allowing for an extension of the maximum height of the building, which exceeds the code's 175-foot maximum; a height and width clearance for the oriel window; and an exception to the zoning code's rule of having two loading stalls on-site. The Casey proposal calls for no loading stalls.

"With a quarter-block site, there's a challenge to incorporate loading, so the request is to have zero loading," explained Fioravanti. "The Portland Department of Transportation is in support of this request, and there are ongoing discussions with PDOT to allow limited use of on-street loading."

Navarro-Silva also indicated that the project has received the support of the Pearl District Neighborhood Association. "We were very well received," she said.

Now that the zoning changes have been approved, GBD said it will submit a construction permit to the city in mid-October, with construction to begin in mid-November. Demolition of the site began a couple of weeks ago. Construction should be complete in 2007.

[MarkDaMan]

Pearl's newest developments moves toward the river.

Condo craze gets all wet

The Pearl is yesterday's news as focus moves to river

Wendy Culverwell
Business Journal staff writer

The construction cranes have decamped from the Pearl District for waterside sites as Portland's residential aspirations shift ever so slightly to the east.

At last count, there were some 1,439 condominium units in development along the west bank of the Willamette River. When built, they will occupy 10 separate towers at five separate locations. Four separate sets of developers are driving the waterfront construction boom.

They all have this in common beyond their waterfront location: Buyers have snapped up units almost as soon as they hit the market.

Riverscape, on Front Street near the western terminus of the Fremont Bridge, is closest to completion of the five projects in development. The first 34 units will be ready for residents this fall. The project will eventually boast about 500 units, including 104 townhouses.

Not far to the south, Waterfront Pearl is the most recent project to get going. Offered by the Naito Properties LLC and its development partners from Vancouver, British Columbia, and Seattle, it will include 192 units in two towers in the former River Queen parking lot, just north of the Broadway Bridge.

Two additional towers may be developed in the future on the adjacent site, which is owned by a separate branch of the Naito family.

The first phase opens in two years. Buyers reserved about 80 percent of the first building when it was put on the market earlier this summer.

The second building will be available in a month or so and its builders expect a similar reception.

There's no secret why some of Portland's most prominent condominium developers -- Gerding/Edlen, Homer Williams and Jack Onder -- have turned their attention to the waterfront. The Pearl District is nearly built out and high-end buyers have a seemingly unending appetite for luxury condos.

"The market is ravenous right now," said Kirk Taylor, senior vice president for investment sales at CB Richard Ellis. Taylor helped usher Waterfront Pearl to fruition when he introduced Sam and Verne Naito, who own the property, to a team of out-of-town developers, Pemcor Development Corp. of Vancouver, British Columbia, and Grancorp Holdings LLC of Seattle.

Builders aren't the only ones taking advantage of the ongoing appetite for condominiums and waterside living, Taylor said.

Almost every apartment complex along the river has converted to condominiums and very little developable land remains between Portland and Lake Oswego outside of the South Waterfront area.

Demand for luxury condominiums remains strong and mortgage interest rates remain low. And compared with other cities along the West Coast, Portland remains a bargain -- buyers would have to pay twice as much elsewhere to afford the kinds of properties available in Portland.

Builder Jack Onder got his start in the Pearl District and notes that district continues to go strong and several new projects are in the offing. But there aren't many spots left in there, which means builders are looking elsewhere.

Now, years of effort to build in the River Place urban renewal area are coming to fruition. The Strand was originally conceived as a hotel, but morphed into a residential project with the twists and turns of the economy. The 216-unit project will include three towers and is in mid-construction. The first units will be ready for residents a year from now.

RiverPlace Partners, which consists of Onder's company and Williams and Dame Development Inc., has been working on its piece for five years.

The Strand occupies one of the last sites available in the district between the Hawthorne and Interstate 5 bridges.

Developers didn't discover the river, Onder said. They work with the sites that become available. And right now, that means the river.

So far, the sales crew at The Strand has released 137 units in the first two towers to buyers. Most have been reserved.

Buyers will be asked to sign binding purchase agreements starting this weekend and, based on the conversion rate of similar properties, Onder and his broker say most reservations will convert into actual sales. Buyers are expected to occupy their units and speculative investors are turned away.

Onder describes the projects strung along the waterfront in chain-like terms -- the pieces will eventually be linked. To a large extent, they already are -- by the riverwalk that extends from the Broadway Bridge south to RiverPlace.

He believes it will eventually find its way further south and will eventually connect the northern sections of the river with the South Waterfront, where Gerding/Edlen is building the Meriwether and John Ross condominiums.

Buyers are drawn by the green aspects as much as by the river and its endless parade of pleasure boats as well as working ships, developers agree.

At the north end of the Willamette, builders of the Waterfront Pearl use terms like "working riverfront" and "retro industrial" to market their projects. It is a quaint caution to would-be buyers that Portland's riverfront is a busy -- and loud -- place to live and perhaps not suited to those who cherish silence.

Oceangoing vessels, trains, freeways, city streets and even pedestrian trails contribute decibels.

At Waterfront Pearl, which faces the Amtrak station, builders are hedging against the sound of whistle blasts with triple-glazed windows on the walls that face the tracks. An extensive water feature is being engineered to produce soothing sounds to mask the background racket that reverberates around the area, such as the hum from a grain elevator on the opposing shore.

At RiverPlace, designers addressed a different noise challenge.

There are no nearby train tracks, but an elevated bridge carries Interstate 5 across the river and past the construction site on the south.

"It is urban," agreed Onder, who said extensive noise studies indicate freeway noise drifts south and away from his project. Overall, the noise levels at RiverPlace are comparable to those in downtown. If quiet is important, he gingerly suggested that perhaps the waterfront isn't the right place to live.

Brian Ramsay, a broker with Realty Trust Group and listing agent for Riverscape, said the 104 townhouses (average price $704,000) have been well received, especially by current Pearl District residents who want more space and don't like the commercialization of the once industrial neighborhood. Of the 54 put on the market, 44 have sold.

Last week, the real estate company launched a Web site to register interest for the condominiums that will be contained in two towers. Within days, it had taken 200 names for the waiting list. Realty Trust also is the selling agency for Gerding/Edlen's Meriwether and John Ross projects at South Waterfront. Both had similar sales patterns.

Ramsay's theory about why developers are concentrating on the shoreline is simple: demand.

To paraphrase Mark Twain, he said, they're not building any more riverfront property.

wculverwell@bizjournals.com | 503-219-3415

http://portland.bizjournals.com/por...tml?t=printable

[MarkDaMan]

new, albeit, low quality rendering of Casey Condos (under construction)
http://www.portlandcondos.com/communities/Casey,The(_141_pic_2711.JPG

[MarkDaMan]

color renderings for The Casey [under construction]

http://static.flickr.com/19/99299470_084bd3818c_m.jpg

http://static.flickr.com/33/99299466_20f875bd00_m.jpg

[tworivers]

A couple more of the topped-out(I think) Casey.

http://farm1.static.flickr.com/162/387451482_b3e0bfaf3e.jpg?v=0

http://farm1.static.flickr.com/167/387451472_4173df3a23.jpg?v=0

[Urbanpdx]

Excerpt from a marketing email:

I have the pleasure of sharing with you that the art glass which will be installed at The Casey is being featured at Bullseye Gallery in an art exhibition running through February 24th 2007. If you have not already done so, I encourage you to visit the gallery and experience this exceptional exhibit. This is a unique opportunity for those of you who have been following the construction of The Casey as you will be able to glimpse what the tower will look like upon completion with the incredible, vibrant art glass that will be installed throughout the interior and exterior of the building. The Bullseye Gallery’s exhibition illuminates what The Casey embodies: the collaborative efforts of Gerding Edlen Development, GBD Architects, Bullseye Glass and three local artists to integrate art into luxurious and sustainable living. On a more simple yet significant level, The Casey brings art into the public sphere as well, with the hop e of enriching the surrounding neighborhood.

This exhibit is the first public presentation of the completed versions of the glass panels. You will find several of the actual glass panels displayed which will be installed in the main lobby, resident elevator lobbies along with the vibrant panels that will be placed on the tower’s south facade. The installations featured in the main lobby and elevator lobbies are based upon themes of the natural world, reflecting the splendor of light and color in nature. The main lobby panels were inspired by the Northern Lights and the alternating pairs of panels located at the resident elevator landings represent the four seasons.

The glass panels that will rise on the 15 floors of The Casey’s southern exterior are installed in such a way that one can see the variance in color and grid-like pattern and how the panels will effuse light at dusk. I had the good fortune of viewing these panels while in production at the Bullseye Factory, and now I am excited to see the finished results of the artists’ work featured at the gallery.

Another key aspect of this collaborative effort was rallying the team around the opportunity to honor the building’s namesake, Casey Jones. Catharine Newell has created a remarkable glass portrait of Casey Jones, which will be placed on the exterior of The Casey, at sidewalk level. This small bust is also featured at the Bullseye exhibition.

This collaboration has been an exciting way for us to create a building that melds into the artistic culture of the neighborhood in which it resides. I am delighted that our neighbors at Bullseye Gallery have “Building Art: The Casey Story” on exhibit for the public to enjoy and I hope you will have an opportunity to experience this unique artwork before it is in its final home at The Casey.

Sincerely,


Mark Edlen
Principal

[bvpcvm]

Excerpt from a marketing email:

I have the pleasure of sharing with you that the art glass which will be installed at The Casey is being featured at Bullseye Gallery in an art exhibition running through February 24th 2007. etc, etc, etc

interesting. anyone know how the casey is doing, sales-wise? given that the cheapest units start at $600k (or so i've heard), i imagine not too well...

[pdxman]

interesting. anyone know how the casey is doing, sales-wise? given that the cheapest units start at $600k (or so i've heard), i imagine not too well...
:previous: As of fall '06, the casey has sold 53%; 29 units are unsold

http://www.movingtoportland.net/condos_pearl.htm#casey0

[pdxstreetcar]

The Casey
Pearl District - NW 12th & Everett
16 stories - 61 units
Architect: GBD Architects
Developer: Gerding/Edlin
Completion: Late 2007

http://farm1.static.flickr.com/177/395811044_9d7cefb409_o.jpg

http://www.thecasey.com/

Looks like the old thread was lost when the forum was cleaned.

[Dougall5505]

that blank wall isn't going to stay like that is it?

[der Reisender]

maybe they'll leave it like that to allow for another building to go up next door? speculation on my part there

[Dougall5505]

that would make sense i don't remember anything special on that block

[bvpcvm]

i remember reading that g/e bought the air rights of "the building next to it" to preserve views. somehow i always thought that meant the north side; apparently it meant the west side. so i think, definitely, it's in case someone builds something on the north block.

[Dougall5505]

this pic by diz over at ssp
http://img441.imageshack.us/img441/156/dsc01644rh5.jpg
looks like the casey is topped out.

[dizflip]

Hi @dougall, I have a ssp account too. :D

[Dougall5505]

what up diz! :) you can post your photos here too if you want

[MarkDaMan]

An e-mail about the Casey.

Dear Mark,

If you have had the opportunity to visit The Casey site recently, you know how quickly construction is progressing. We topped off in January and now the glazing is quickly moving up the building. We are also getting ready to carefully set in place the first pieces of the Bullseye glass art on the exterior which will be exciting for all of us to see.

In addition, we are now starting to install the many sustainable features that have been designed into The Casey. As we shared with you in an earlier communication, The Casey is targeted to achieve the U.S. Green Building Council's (USGBC) designation as a LEEDTM Platinum building, the highest rating attainable. We are told that The Casey is expected to be the first high-rise residential project in the world to achieve this designation, which is an important distinction for The Casey and our community. As a company we have a strong commitment to only build projects that provide lasting benefits to the owners, while ensuring minimal impact on the environment and The Casey is the pinnacle of this for our residential projects.

To achieve this, our architects and engineers have designed many sustainable and energy saving features into The Casey. As a result, and in comparison to a typical new building, we expect that energy consumption will be reduced by more than 50% and water consumption by over 30%, significantly reducing the owners' impact on our environment, all while living in Portland's highest quality building.

I am also pleased to report that The Casey is slated to be our third Platinum rated building following the redevelopment of the Armory for Portland Center Stage's Gerding Theater and Oregon Health Sciences University's new Center for Health and Healing at South Waterfront. In fact, our company was recently presented with an award by the USGBC for these efforts. In the event you did not see them, we have linked the article and editorial that appeared in the April 4th edition of The Oregonian that we thought you might find of interest.

While we are extremely proud of this award, most of all, we are delighted with the progress of The Casey and the opportunity to create these finely crafted homes.

As always, we appreciate your confidence in our company and in The Casey!

Sincerely,


Mark Edlen
Managing Principal

[Dougall5505]

I haven't gotten a look at the casey in a while. does anyone have any pics beside this one
http://farm2.static.flickr.com/1094/567685447_d4862d1733_b.jpg

http://farm2.static.flickr.com/1145/567442530_8bfd46edc8_b.jpg

[Dougall5505]

the casey during last nights cool lightning photo by the oregonian
http://photos.oregonlive.com/photogallery/5b432df6901d401c0b6945759660a011.jpg

[dkealoha]

I don't know if anyone has a better picture of this, but the Casey's stained glass lit up at night is awesome. I took this with my cell phone so sorry for the bad quality. The double lights toward the top are a reflection on the glass windows, not two lights.

http://farm2.static.flickr.com/1262/1250647833_deacfcec65_o.jpg

[Sioux612]

That's awesome! I don't think I've ever seen that on a tower before.

[ScizzoTX]

Here's a shot of it from my apartment. I think the lighting looks great, but it appears as though it shines directly into the units... Does anyone know if the residents will be able to turn the lighting on and off? Hopefully not, I think it adds a lot to the building.

http://i171.photobucket.com/albums/u289/scottlharrisosn/TheCasey.jpg

[Sioux612]

I absolutely love that stained glass feature!!

[dkealoha]

Looks like someone lives in the Louisa... From what I could tell from the street, it looks like that part of the unit the light is next to is the living room so maybe it wouldn't be a big deal to have it on all night. How do they get away with using all that electricity for the lights and not hurt their chances at a LEED Platinum rating?

Here's a shot of it from my apartment. I think the lighting looks great, but it appears as though it shines directly into the units... Does anyone know if the residents will be able to turn the lighting on and off? Hopefully not, I think it adds a lot to the building.

http://i171.photobucket.com/albums/u289/scottlharrisosn/TheCasey.jpg

[Dougall5505]

^It might be LED lights, they take up almost no electricity

[zilfondel]

nice shot of W+K

[pdx2m2]

I like the inclusion of artist and the use of bullseye glass in the architecture.

I don't love the solution. I agree with others that the illuminated pieces seem like they create light inside the residential units which I think would get old fast. I also think the small modular size of these glass pieces feels fragmented and doesn't help the overall building....it reminds me of the Rocket's art/shutters...more visual clutter than real power or beauty.

[Castillonis]

The 1st-5th floors have been completed and cleaned. The other floors are almost complete. There is some kind of partial move in date around 14Dec07 where condo loans will be complete and people will start moving in.

[tworivers]

^^^Do you know what percentage have been sold?

[Castillonis]

I have no idea how many units have been sold. I know that someone joined two units on the eighth floor by having a hole cut in the wall between them though.

[WestCoast]

I saw some patio chairs out on a few of the balconies. Building is still in finishing mode, but it sure looks like people are moving in.

[tworivers]

I wouldn't exactly call it "skinny".

Saturday, December 08, 2007
Oregonian

Moving day arrives where condos average $1 million The Casey -- one of Portland's fanciest condo towers -- is taking in its first residents. On a tour this week, broker Todd Prendergast at Realty Trust and project manager Jill Sherman at Gerding Edlen Development showed off the tower's features. The average -- yes, average -- price of the 61 condos is about $1 million. That's because the units lean to the big side at 2,000 square feet apiece. The average price per square foot hits $525.

The skinny tower is Gerding Edlen's extension of the Brewery Blocks to Northwest 12th Avenue and Everett Street. It has the same sleek modern design that's popping up with Gerding Edlen's recent work and covers a smaller than normal 10,000-square-foot footprint. That means there are five or so condos per floor.

So what makes it so nice?

"The finish package is nicer than anything on the market," Prendergast said. The base package includes a Sub-Zero fridge and Miele oven. If you haven't heard of Miele, you're not alone. The German brand supplied appliances for some kind of Porsche-designed kitchen. That should tell you all you need to know. The penthouse decks are big enough you could play two-on-two basketball.

The move-ins come at a bad time. The market is in the tank. Gerding Edlen did limited marketing in Portland Monthly and Winged M -- the Mac Club's publication. And the showroom isn't at street level.

Prendergast says there are closed deals or pre-sales on 43 of 61 units. That's not great but not horrible given the state of the market. One of those deals includes a sizable 16th-story pad for the man who built the thing, Mark Edlen, managing principal of Gerding Edlen Development.

[WestCoast]

43 of 61 seems decent, but this thing was available for pre-sale before the housing slum thing, so a little surprised it isn't all filled.

anywho, the store at the street level looked like it was open today, there were lots of people in and around it. Looks cool.

[zilfondel]

It's not sleek or skinny.

It's kid of bumpy and stubby. And its pretty sad when the only thing a developer can say about such a modern design like this is the fucking FRIDGE?!

C'mon... give me a break. Hello? Views? Weird lit glass artsy shit on the side? Huge-ass balconies? Marble bathmats? Etc.



When I design a condo tower (50 years from now?) it's going to have see-through toilets that stick out of the side of the building so you can see people's shit slide down a plexi tube to the sidewalk.

[dkealoha]

^ Lol!!!!

[PDX City-State]

Call me crazy. I really like this building. I wasn't sure about the panels when they started to appear, but they contrast nicely with the white. I would love to live there.

[urbanlife]

It's not sleek or skinny.

It's kid of bumpy and stubby. And its pretty sad when the only thing a developer can say about such a modern design like this is the fucking FRIDGE?!

C'mon... give me a break. Hello? Views? Weird lit glass artsy shit on the side? Huge-ass balconies? Marble bathmats? Etc.


I have to agree with you, I was over at Fuller's having breakfast with a friend, and I couldn't help but think how disappoint I was with that tower. For a quarter block building, they sure went out of their way to make it look squat and overbearing. The Benson Tower this is not. The color of the stone work is just horrible, it stands out like a sore thumb and not the kind of sore thumb that you are proud of because of some cool trick you did when it happened.

It would be nice to see actual innovative architecture going up in the city that is pushing the lines of design. I figure if we are going to act like a European city, we should at least try and look like one too.

[tworivers]

It came out too blocky for my tastes -- I wish it were taller. But I LOVE the terra cotta panels, and love seeing the color in contrast with the city as a whole. The panels alone (plus the stained glass) bring my overall feeling about the building into the positive zone. Don't even get me started on Portland's architectural sore thumbs! IMO this is not one of them.

I do agree, urbanpdx, with the sentiment of the last two sentences in your post. It drives me nuts, but I also think those days might be on the way as Portland matures as a city. I'll take bside6 as a start.

Zilfondel, you mean down a plexi tube into the giant composting toilet? I'll buy one, assuming I'm not broke and trying to survive off of what's left of Social Security.

[PDX City-State]

The Benson Tower this is not.

And thank God for that. The Benson Tower is a visual abortion. It looks like a giant boat. Don't get me wrong, I love skinny buildings, but the Casey certainly has a higher level of detail than perhaps any new building in Portland other than the Metropolitan. Unlike the the West End, its builders didn't have the luxury of building 26 stories; the height limit is 175 feet. If you think this building is squat, don't blame GBD; Blame the antiquated height restrictions. LRS designed the Benson and are teaming with Weston for his next wave of towers. LRS, IMHO, is one of the most terrible firms in Portland design-wise.

[zilfondel]

It came out too blocky for my tastes -- I wish it were taller. But I LOVE the terra cotta panels, and love seeing the color in contrast with the city as a whole. The panels alone (plus the stained glass) bring my overall feeling about the building into the positive zone. Don't even get me started on Portland's architectural sore thumbs! IMO this is not one of them.

I don't think the problem is with the panels - I'm fine with trying a new and somewhat colorful cladding material - but in the building's tectonics. Although I actually wasn't ripping on the building per se, but on the developers lack of ability to market effectively what they built...

Zilfondel, you mean down a plexi tube into the giant composting toilet? I'll buy one, assuming I'm not broke and trying to survive off of what's left of Social Security.

Of course. It will be used to grow grade A mushrooms. The decomposing gas will be used to power combined heat & power generators a la Mad Max Beyond Thunderdome. :tup:

If you think this building is squat, don't blame GBD; Blame the antiquated height restrictions. LRS designed the Benson and are teaming with Weston for his next wave of towers. LRS, IMHO, is one of the most terrible firms in Portland design-wise.

Not even close. Group Mackenzie trumps whatever LRS can churn out!

[urbanlife]

meh, I still don't like it...as for the Benson, I just like that a touch more and I am very happy how skinny it is cause it would of looked ugly as sin if it were a full block.

I am still waiting for good tall architecture to go up in this city. (had to edit that because good architecture has gone up in this city, just nothing to really effect the skyline yet.)

[PDX City-State]

I am still waiting for good tall architecture to go up in this city.

I hear you loud and clear. I think the Casey would look a whole lot cooler with another ten stories or so. I think the next ten years will be a very interesting time for Portland development. With the spike in office and hotel demand, we should get buildings taller than 15 stories.

[MarkDaMan]

. . . WHILE THE CASEY DRAWS INTEREST
The Casey - The tony tower in a prime spot is 70 percent sold ahead of its opening One project that seems to be weathering the slowdown better than most is Gerding Edlen Development's tony tower, the Casey on Northwest 12th Avenue.
Sunday, April 06, 2008
The Oregonian

The Casey is scheduled to finish this summer and is 70 percent sold out.

The 16-story Casey is doing well because it has a prime spot near Portland Center Stage, Powell's and the Brewery Blocks' coffee shops and restaurants.

The Casey also benefits from its exclusiveness.

It's a smaller building, with 61 condos and more of a club feel compared with more than 300 condos at other buildings. Instead of 20 condos on a floor, the Casey has four. It has custom glasswork from the neighboring Bullseye Glass Co. Most condo towers have big, pricey penthouses. But nearly all the Casey's condos are big and pricey. The average condo runs 2,200 square feet and $1.2 million, four times the region's median price. "No one has done that type of project," condo salesman Patrick Clark said.

The buyers tend to be wealthy professionals, downsizing empty nesters from the West Hills and Portlanders who want to keep a half-time home in the city to go with their place in Palm Springs. Some buy with cash and don't fret about selling their old place. Buyers in that rare air don't have to worry as much about market swoons, and they fly above the mortgage market that trips up others.

The Casey's focus on the upper crust tapped larger societal trends: The richest Oregonians have seen their income grow at a much faster rate than anyone else in recent decades.

-- Ryan Frank


http://www.oregonlive.com/business/oregonian/index.ssf?/base/business/1207373118140540.xml&coll=7

[WestCoast]

Didn't the Casey finish LAST summer?

People have been moved in for at while now.

[pdx2m2]

I agree about the building being finished earlier...It is useful to see it compared to the other buildings in the Oregonian article although it is more like apples and oranges.....I think it was enough ahead of the downturn to have more presold units.

[urbanlife]

what I get a kick out of is the HOA fees, which is basically the monthly building fee that condo owners have to pay is something like $1200 a month.

[dkealoha]

what I get a kick out of is the HOA fees, which is basically the monthly building fee that condo owners have to pay is something like $1200 a month.

Where did you hear that it is $1200 a month? I used to do audits of condo associations at a cpa firm and I have never seen monthly fees that high. I guess it might be possible since there are fewer and larger units than say... the John Ross.

[urbanlife]

I remember reading it on a site or something that was selling a unit from the Casey about a year ago. Yeah, I was shocked too, but it does make sense, when you build a tower with only a small number of units compared to one that have a ton of units, the fee is going to be much higher.

I just get a kick out of the fact that people in the Casey is not only paying a mortgage, but also paying enough in HOA fees to rent an amazing apartment in Portland.

[PacificNW]

Are there tax deductions for HOA fees?

[PDX City-State]

Are there tax deductions for HOA fees?

Not unless you're a business owner with a home office. In that case, you can deduct a percentage of your HOA's, as you would deduct a portion of your utilities if you owned an actual house.

[PDX City-State]

Oh...and Urbanlife has no idea what he/she is talking about. HOAs run from $120 to $500 depending on where one lives. I'd say the average is around $200, but usually includes all utilities except electricity, a limited homeowners insurance policy, concierge and security services, building maintenance, etc. In my own experience, they're far cheaper than what utilities would at a single-family dwelling. Another advantage of condo living is not having to budget for fixes like a new roof, new siding, paint, etc. HOAs cover all of the above. There are occasionally exceptions...like the spendy siding debacle at the Marshell Wells, but for a few extra dollars per month in a good insurance policy, one can protect themselves from this as well. But, in Portland, no one is paying $1200 on HOAs.

[MarkDaMan]

http://www.djcoregon.com/_images/articles/djcsecond%20-%20Da%20Casey.jpg
Portland condominium tower project earns national bragging rights
Gerding Edlen’s Pearl District project, The Casey, claims spot as first LEED platinum condo tower in the country
Daily Journal of Commerce
POSTED: 06:00 AM PDT Friday, May 2, 2008
BY TYLER GRAF

There are dozens of platinum-certified Leadership in Energy and Environmental Design buildings in the United States. But only one of those buildings is a condominium tower, and it’s located in Portland.

Gerding Edlen Development is banking on the newly awarded LEED platinum rating for The Casey, at Northwest 12th Avenue and Everett Street, as a sustainable status symbol that will help sell condominiums in a cooling market.

“At the end of the day you have to be able to sell these units,” Kelly Saito, Gerding Edlen’s principal of development for The Casey, said. “You’re bound by some economic equation.”

While it’s easier to achieve LEED platinum status with an institutional building such as a hospital or university, Saito said about 75 percent of the Casey’s units have already sold.

Gerding Edlen expects leasing activity to continue at a rapid pace throughout the year.

With 61 units, the building achieved 55 LEED credits, three more than needed for platinum status. Sustainable features include energy recovery ventilators, low-VOC material and reduced fossil fuel consumption that reduces the building’s environmental impact.

The Casey is expected to achieve a 52 percent energy savings over code-compliant buildings, according to Gerding Edlen. And as energy prices increase, Saito believes the market for energy-saving condominiums will become more pronounced.

“The general (condo) market clearly desires buildings that are green,” Saito said. “But what is the market willing to pay? That’s the question.”

He says LEED platinum certification increases construction and planning costs by a few percentage points, which are passed on to the consumers. The total cost of the 16-story building was $58 million.

Units in The Casey hit the upper strata of condo pricing. A 2,241-square-foot unit is selling for more than $1 million; a 3,668-square-foot unit is selling for more than $3 million, which includes two parking spaces.

Kathy MacNaughton, a condominium broker for Realty Trust Group, says there is a small-but-dedicated segment of buyers who approach brokers and will settle for nothing less than the “greenest” unit possible, regardless of other factors.

Most of those buyers, she said are under the age of 50 and are less likely to be swayed by the energy efficiency or increased resale value of a green residence. Instead, they’re interested in buying sustainable because it’s the environmentally right thing to do.

Mark Edlen, principal of Gerding Edlen, disagrees with MacNaughton’s assessment that sustainability trumps location or other variables. He says sustainable features are only one factor in attracting residents to a condominium tower.

And Saito says that terms like “eco” and “green” have essentially become meaningless for condominiums, except for marketing purposes.

However, as more residential buildings seek LEED platinum certification – including Mississippi Lofts, which has leased about 50 percent of its units and is aiming for platinum status when it finishes construction – the more sophisticated condo buyer will understand the sorts of energy savings attained by sustainable buildings, Saito says.
http://www.djcoregon.com/articleDetail.htm/2008/05/02/Portland-condominium-tower-project-earns-national-bragging-rights-Gerding-Edlens-Pearl-District-proj