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  #21  
Old Posted Nov 18, 2005, 6:16 PM
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nationwide the housing market might be cooling off, but here in Portland it's still HOT!

Demand Out Distances Housing Supply
11/10/2005

On Thursday November 3rd The Metropolitan sales were kicked off with a three-day buyers’ preview of the 136-unit condominium community. At the end of the preview, 500 buyers had indicated their interest in purchasing one of the homes.

“We had a sense that we would have more buyers interested than we had homes to sell,” said Tiffany Sweitzer, President of Hoyt Street Properties (HSP). “Prior to the launch more than 4,600 inquiries had been received regarding the project.”

Faced with this enviable problem, HSP and Hoyt Realty Group designed a lottery system that gave everyone an equal chance at purchasing a home. On Sunday November 6th two hundred names were drawn and the process of informing the winners began the following day.

As the developer of a 30-block neighborhood in the Pearl District, Hoyt Street Properties is accustomed to a high level of interest in its projects. For example, the 124 unit Park Place condominium, overlooking Jamison Park, sold out just 8 months after it opened in May 2004. A year later the Pinnacle Condominium’s 176 homes were sold before its doors opened.

“We believe this increased level of interest is directly related to the progress we are making in transforming a former railroad yard into a unique mixed-use community,” speculated Sweitzer. “After 10 years of effort people are now able to feel and visualize the distinctive nature of our urban neighborhood with its own lively character and personality.”
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  #22  
Old Posted Nov 30, 2005, 9:37 PM
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The crane is going up on this as I write.
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  #23  
Old Posted Nov 30, 2005, 11:00 PM
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Affordable housing is as crucial as jobs
Wednesday, November 30, 2005

The Sitka Apartments -- the Pearl District's latest entry into Portland's red-hot housing market -- takes up a full city block at Northwest 12th Avenue and Northrup Street.

Its studio and one- and two-bedroom apartments have some of the same amenities -- free high-speed Internet, keyless entry and a fitness center -- as the rest of its neighboring condos, some of which are selling for $1 million or more. It even has its own streetcar stop, landscaped courtyard and a rental unit available for guests.

However, all but seven of the 210 apartments are available only to working folks who don't qualify for housing subsidies but otherwise couldn't afford a trendy Pearl address. Many of the units were already leased before the Sitka officially opened Tuesday.

"I think this is one of the best buildings that's been built in the whole affordable-housing portfolio," says City Commissioner Erik Sten, a seasoned champion of low-income housing. "They're units that you can imagine living in for a long time."

The Pearl, where the name of your building typically reflects the depth of your bank account, already houses about 600 affordable apartments. But Sitka is the first to qualify as predominately "work force housing" -- a buzzword that may be as essential to Portland's economic stability as new jobs.

With housing prices out of reach of the average income and more rental apartments converting to condos, many different types of workers -- such as retail salespeople, police officers and registered nurses -- are being squeezed out of the city.

This flight of the working class puts stress on neighboring communities. It also siphons children out of Portland's schools, creates more traffic congestion and erodes the city's tax base.

What's more, growing companies -- such as California's Keen Footwear -- want to relocate in urban cities where employees can afford to live near their job. But without more work force housing, Portland is at a disadvantage before it even gets to the table.

City Hall does a good job advocating for affordable housing for folks at the lower end of the economic scale. But we also need more housing for those whose paychecks aren't keeping pace with the cost of living.

"This is the perfect prototype for what we should replicate," Andrew Wilch, housing director for the Portland Development Commission, says about Sitka. But, he adds, "we're not focusing on the work force housing needs in any active manner."

The problem is that it requires an aggressive public subsidy, with buy-in from private investors and a developer that has the vision to build energy-efficient, affordable apartments that are roomy and attractive enough for both singles and families.

To make the numbers work for Sitka, it took a team of bankers, corporate investors, and local and state government. Albina Community Bank made a short-term, $2 million loan to buy the land. PDC gave its lead developer, Ed McNamara, a $9 million construction loan.

The Oregon Housing and Community Services Department floated a $17 million tax-exempt bond -- purchased by U.S. Bank to use as a construction loan. The state also provided a predevelopment loan and $1 million in tax credits. And the city offered a 10-year abatement on property taxes.

Another major player on the project, Portland-based Homestead Capital, lured $9.5 million in equity from private investors, which earn tax credits for investing in low-income housing.

"We're glad to have the building there," says Joan Pendergast, the recently elected president of the Pearl Neighborhood Association. Her community, she adds, "isn't all full of rich yuppies like so many people think."

It's hard to believe, but with the opening of the Sitka, the Pearl now qualifies as a mixed-income neighborhood. It's time for the whole city -- for its own sake -- to follow suit.

S. Renee Mitchell: 503-221-8142; rmitch@news.oregonian.com;1320 S.W. Broadway, Portland OR 97201
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  #24  
Old Posted Dec 4, 2005, 5:26 AM
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Yay.
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  #25  
Old Posted Dec 8, 2005, 9:50 PM
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Sierra Club praises Pearl District

In a November report announcing America's best new development projects, the Sierra Club named Portland's Pearl District a top example of successful development.

The report recognized Portland based-Hoyt Street Properties for spearheading the transformation of a faded industrial zone into a revitalized multiuse community. It also praised Gerding/Edlen Development Co. for renewing the historic Pearl District Brewery Blocks.

In its report, the Sierra Club profiled 12 of the nation's top projects and named players that helped realize innovative development plans. Favorable projects reused previously developed land, offered a range of eco-friendly transportation options, and helped foster and preserve community values.

Hoyt Street Properties was recognized for turning a former railyard into a unique urban neighborhood in which homes, businesses, retail shops and parks are successfully integrated. The Sierra Club commended the developer for working with the Portland Development Commission in creating a pedestrian-friendly environment where walking, cycling and streetcars are seen as viable means of transportation.
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  #26  
Old Posted Dec 8, 2005, 9:51 PM
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Sierra Club praises Pearl District

In a November report announcing America's best new development projects, the Sierra Club named Portland's Pearl District a top example of successful development.

The report recognized Portland based-Hoyt Street Properties for spearheading the transformation of a faded industrial zone into a revitalized multiuse community. It also praised Gerding/Edlen Development Co. for renewing the historic Pearl District Brewery Blocks.

In its report, the Sierra Club profiled 12 of the nation's top projects and named players that helped realize innovative development plans. Favorable projects reused previously developed land, offered a range of eco-friendly transportation options, and helped foster and preserve community values.

Hoyt Street Properties was recognized for turning a former railyard into a unique urban neighborhood in which homes, businesses, retail shops and parks are successfully integrated. The Sierra Club commended the developer for working with the Portland Development Commission in creating a pedestrian-friendly environment where walking, cycling and streetcars are seen as viable means of transportation.
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  #27  
Old Posted Dec 8, 2005, 10:50 PM
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I read the article a couple days ago...good going!
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  #28  
Old Posted Dec 9, 2005, 3:41 AM
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I would love to see Centennial Mills renovated with a new Maritime Museum and retail on the ground floor with condominiums or apartments on the floors above.

If the Naitos build those 2 other towers I hope they will be at least slightly different in appearence. I really just dont want to see 4 identical towers on the waterfront.
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  #29  
Old Posted Dec 9, 2005, 5:38 AM
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Has the Naito family settled their differences concerning these condo's? Is the complete project back on?
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  #30  
Old Posted Dec 9, 2005, 5:00 PM
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^nope, talk about a disfunctional family!
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  #31  
Old Posted Dec 9, 2005, 8:25 PM
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Quote:
Originally Posted by MarkDaMan
^nope, talk about a disfunctional family!
Ditto.
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  #32  
Old Posted Dec 9, 2005, 10:59 PM
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Bill is probably turning over in his grave...now their was a man who had visions for Portland. He is sorely missed.
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  #33  
Old Posted Dec 15, 2005, 7:57 PM
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new rendering
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  #34  
Old Posted Dec 21, 2005, 9:24 PM
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The express route
Pearl District partners with American Express to promote district
Wendy Culverwell
Business Journal staff writer

The Pearl District gained its holiday footing this year with the district's first-ever comprehensive Christmas promotion.

The program is backed by American Express, which signed on as a major sponsor of the Pearl District Business Association and underwrote the cost of everything from Christmas carolers to bag-checking services for customers.

"We're thrilled," said Monica Spoelstra Metz, marketing coordinator for the business association.

Shoppers can win prizes at participating vendors and leave their cars with valets -- complimentary to American Express cardholders and low-cost for all others. Carolers stroll the streets on weekends and a shuttle service ferries visitors between the Pearl District and a half-dozen downtown hotels.

One spa owner described the environment as "magical."

The business association couldn't afford a holiday promotion on its own, said Metz, and went looking for a partner.

Attracting American Express as a partner shows just how much the district has grown in the past 10 or so years since a strip of warehouses and rail yards reinvented itself as a business and residential district, with more than 5,500 residential units developed since 1994.

American Express likes what it sees in the Pearl District, said Lisa Gregg, a company spokeswoman. The merchant community routinely uses American Express to process sales transactions and the neighborhood's generally well-heeled residents fit the company's customer profile, she said.

It's been a long slog for the business association, which formed nearly a decade ago when the Pearl District was just starting to emerge around the former rail yards at Hoyt Street. A group of retailers and restaurateurs decided to publish a map to guide visitors and hit up their neighbors for contributions to pay for it.

Today, the association's membership fluctuates between 220 and 250 or so members and the base is expanding to include more professional services. Metz said there are many "off map" members -- those businesses that participate in the association but don't need or want to be on the shoppers' map, which it still publishes.

Joanne Sunnarborg founded Desperado, a Western boutique, nine years ago and was instrumental in soliciting $25 contributions for the initial map.

"It was pretty quiet down here," she recalled. Having a formal holiday promotion this year has generated traffic. She didn't have to take any extra steps to participate since she's accepted American Express almost since she opened in 1994.

"It's that demographic. If three people say, 'Do you take American Express?' That's good enough for me," she said.

Indeed, that's a big part of why the company stepped in to underwrite the multipronged promotion, Gregg said. A large base of merchants accept the card and the Pearl District offers the right setting for its cardholders, who tend to spend more on dining and shopping.

She wouldn't disclose what American Express is paying to support the Pearl District's holiday extravaganza, but it is certainly considerable.

To drive traffic to the Pearl District, American Express sent $15 prepaid gift cards to its cardholders throughout Portland. They can be used anywhere that accepts American Express, but carry the Pearl District logo -- no small coup, Metz noted with satisfaction.

Sunnarborg said she's seen plenty of gift cards with the Pearl District brand at her cash register.

"It is pretty fascinating that they would partner with us to launch this," she said.

Metz said there are plenty of perks for all visitors and the business association pitches the Pearl District as a holiday destination to residents in Portland's close-in neighborhoods as well as the West Hills and along Highway 26. It isn't trying to compete with the regional shopping malls.

"For us, it's people who want an urban arts, shopping and dining experience," she said.

John Cusack, proprietor of the Hawaiian-themed Kanani Pearl Spa, opened 13 months ago. Christmas is an important season for the personal services industry and indeed, he's busy now with clients who received gift certificates for spa treatments last Christmas.

The holiday promotion isn't just good for business, it's good for the business community, he said

"It's been very unifying for the merchants," he said. A sense of solidarity developed as participants met to hash out the program details.

To him, American Express' willingness to invest its marketing dollars in the neighborhood is an important mark of approval.

"I think it's a recognition of what the Pearl's accomplished," he said.

wculverwell@bizjournals.com | 503-219-3415
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  #35  
Old Posted Dec 22, 2005, 5:58 PM
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Financing in Place for Next Phase of Riverscape

Using $24.65 million in construction financing from Home Street Bank, local developer Tim Ralston has begun construction on the next phase of the 390-unit Riverscape condominiums here. The development site is immediately north of the Fremont Bridge on the west side of the Willamette River.

When completed, the entire development will include 104 town homes, two condominium towers (this one and a second with 120 units, to be built after this tower is completed), and 91 brownstone-style homes. About 84 units are currently under construction, not including this latest phase for which Ralston has obtained financing.

The new phase is one of the two planned towers. It will be an eight-story building with 74 units and partially underground parking. Units are expected to fetch at least $407 per sf.

The size of the units will range from 539 sf to 2,705 sf, and the price tags will range from $250,000 to $1.3 million. Units will be upscale with hardwood floors, plush carpeting and/or tile floors, European fixtures, slab granite counter tops and Jenn-Air appliances in the kitchens. Windows will cover about 70% of the building exteriors.

At least 40% of the units are expected to be pre-sold. The remaining units are expected to be sold off at a rate of at least four a month once the tower is completed in mid 2007.

Ralston is co-owner of Apollo Development and Apollo Homes. The architect for the project is LRS. The general contractor is LCG Pence.
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  #36  
Old Posted Jan 13, 2006, 4:37 PM
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just in case we have any starving artists on the board...

$10,000 Artist Commission for New Pearl District Dining Experience
Portland - Portland, ORE. -- January 11, 2005 -- The owners of SoLo, a new bar and dining establishment scheduled to open in Portland's Pearl District in March, is offering $10,000 to an artist who can capture the new venue's spirit in paint. Artists are asked to submit their proposals by January 31 (deadline extended from January 15). The "Call to Artists" is for local, Portland-based artists only. Artists will be judged on how well their submission "captures the notion of one’s solo journey through this world—both the struggle to thrive and the triumph felt when we do." The parameters: a flat painting no more than 36? high by 48? wide and no smaller than 28? inches by 36?, oils or acrylics. Artist must be local (based in the Portland Metropolitan area). Judges will be favoring pieces that contain humanistic elements versus abstract objects; warm, brilliant color versus colder, muted themes. "We want our patrons to stand in awe of this special piece. We also want them to draw inspiration from the composition—an effort to define 'solo' in paint," said Nathaniel Clevenger, CEO of 3, the public communicatons co., the firm promoting the new bar. Artists need to submit their idea in a short—no more than one paragraph—email and include no more than 5 slides of their work. Responses should be sent to artcommission@solobar.net. All submissions due by January 31, 2006. Judges will review and select top submissions. Commission selected by February 15, 2006. Final artwork due approximately 30 days from selection (no later than March 15, 2006). The Commission $10,000 (Includes framing and any other costs associated with mounting the piece.)
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  #37  
Old Posted Jan 15, 2006, 1:35 AM
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I just noticed today that it looks like the Lovejoy columns are done. They've copied the drawings (etched, I guess, saw this from the streetcar) onto some kind of black stone (granite?). Weren't the original drawings to be displayed inside the Elizabeth lobby?
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  #38  
Old Posted Jan 18, 2006, 6:36 PM
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i cannot wait to come visit, portland has always intrigued me.
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  #39  
Old Posted Jan 26, 2006, 5:23 PM
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From the Design Commission Agenda

BOORA is seeking design advice for a master plan of the development of Hoyt Street Properties' 8.5 acres in the Northern portion of the River District. The plan includes initial concepts for the building programming, massing, height, parking and access, pedestrian spaces and community. This is planned for March 16th.
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  #40  
Old Posted Jan 30, 2006, 7:33 PM
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Mak’s makes a move
One of Portland’s top jazz and blues clubs, Jimmy Mak’s, is moving — but just across the street.
Owner Jim Makarounis says that he’s moving to the Pearl Gallery building, kitty-corner at 221 N.W. 10th Ave., in hopes of bringing in more big-name national acts like, piano legend McCoy Tyner — hopefully this spring. He and two fellow investors plan to boost seating from 80 seats to 130 and install a bigger, faster kitchen.
“I think it’s time for us to take that next step up,” Makarounis says, adding that the ambience and music will not change. “The one thing we want to do is be true to that core group of people that have supported us over the years.”


With this move, the corner that Mak's sits on could be developed into a very slender tower. Would be nice to see something tall next to the Elizabeth which seems to sit out by itself.
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