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  #1101  
Old Posted Jul 23, 2013, 7:58 PM
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Park Avenue West new Design Review

Moved post to correct thread.

Quote:
Originally Posted by phillip_pdx

A notice went out today that TVA is seeking a new Design Review for Park Avenue West in order to add 4 floors to the building, bringing it up to 30 floors.

Its just a type II review, which I think means no public hearing.

While its a small step, it inspires some hope that they will restart construction.

http://www.portlandonline.com/bds/in...42259&a=456940
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Last edited by MarkDaMan; Jul 23, 2013 at 10:06 PM.
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  #1102  
Old Posted Jul 23, 2013, 7:59 PM
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From the design review (emphasis mine):

Quote:
The proposed design for the current proposal includes the addition of 4 floors in the mid-section of the tower for a total of 30 stories – 2 floors of retail, 15 floors of housing, and 13 floors of office. All other exterior design components of the building remain the same. The building’s total height will increase from 407’ to 460’ – including rooftop mechanical.
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  #1103  
Old Posted Jul 23, 2013, 8:25 PM
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With 15 floors of housing and our tight market this just may happen! Thinking positive thoughts!!
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  #1104  
Old Posted Jul 23, 2013, 9:02 PM
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Is 460' accurate?

The first revised height (2008?) was at 450'
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  #1105  
Old Posted Jul 23, 2013, 10:05 PM
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^Yep, according to the design review. I don't know if that includes the spire/antennae or not.
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  #1106  
Old Posted Jul 23, 2013, 10:12 PM
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Developer of stalled Park Avenue West Tower preparing reconfigured project
Elliot Njus, The Oregonian By Elliot Njus, The Oregonian
on July 23, 2013 at 2:29 PM, updated July 23, 2013 at 2:51 PM

http://www.oregonlive.com/front-porc..._river_default

Quote:
There are still no workers at the downtown Portland pit left behind when construction of the Park Avenue West Tower stopped in 2009.

But work is underway on a revamped configuration for the long-stalled project. When construction starts again, it may be on a tower newly focused on residences rather than offices, a public land-use notice reveals.

TMT Development’s new proposal calls for increasing the tower’s height from 26 to 30 stories, now with 15 floors of housing and 13 floors of office space. The addition will bring the total height to 460 feet.

Park Avenue West was proposed as a 33-story mixed-use tower with 10 floors of luxury condos. Later on, plans called for cutting the condos for a more traditional office-and-retail tower at 26 stories.

TMT President Vanessa Sturgeon called the new plans “exploratory” in nature.

“The residential market … has done tremendously well over the last few years,” Sturgeon said. “We’re considering what the best is for that property.”

She added that the company still plans to begin construction again by the end of the year, a target date she announced in 2011.

...

Although Portland has one of the lowest office vacancy rates in the country -- second only to San Francisco, brokerage Jones Lang LaSalle reported last week -- and downtown rental rates are the highest they’ve ever been, office construction remains minimal.

“They still need to go up a little more before the Class-A rents are high enough to justify new construction,” said Patricia Raicht, vice president for research at Jones Lang LaSalle in the Northwest. “We still have a little ways to go there unless a developer can secure a pretty substantial pre-lease commitment.”

Apartment construction, on the other hand, is underway across the city, including in the downtown area. And at least one condo tower, proposed by Hoyt Street Properties, is making its way through the planning process.

“The development challenge is getting enough rents on the greater costs you have on a high-rise apartment project,” said John Petersen, president of Melvin Mark Capital Group. “If you can satisfy that, there would be capital available.”

...
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  #1107  
Old Posted Jul 24, 2013, 12:14 AM
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The tower might actually restart and will be getting taller??? I think I just shipped my pants! This is potentially good news for Portland and would be a huge impact on the skyline.

Quote:
“They still need to go up a little more before the Class-A rents are high enough to justify new construction,” said Patricia Raicht, vice president for research at Jones Lang LaSalle in the Northwest. “We still have a little ways to go there unless a developer can secure a pretty substantial pre-lease commitment.”
This is also promising in the sense that the Portland market is moving in the right direction that we eventually could see a building boom in the commercial sector...though the down side would mean that the costs in sq ft would be going up considerably and making downtown that much more expensive.

I am on the fence with this because I like that Portland can brag about being the most affordable big city on the west coast, but I also want to see a commercial building boom in downtown, along with a residential building boom in downtown and around the city.
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  #1108  
Old Posted Jul 24, 2013, 1:05 AM
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Quote:
Originally Posted by urbanlife View Post
The tower might actually restart and will be getting taller??? I think I just shipped my pants!
Don't ship 'em to me!

Quote:
Originally Posted by urbanlife View Post
This is potentially good news for Portland and would be a huge impact on the skyline.
I'm a bit confused. It's now 3 stories less than the original design yet ten feet taller...? Did I get that right?
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  #1109  
Old Posted Jul 24, 2013, 1:12 AM
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Unequivocally good news!
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  #1110  
Old Posted Jul 24, 2013, 1:52 AM
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Quote:
Originally Posted by 2oh1 View Post
Don't ship 'em to me!



I'm a bit confused. It's now 3 stories less than the original design yet ten feet taller...? Did I get that right?
I am actually not sure, usually a building with less floors gets taller if there are more office floors being added, but it doesn't seem to be the case with this building, unless they redesigned the building's floor heights between the first design and the second design, and these extra floors are being added to the second design.

It will be nice to see them release the specs and renderings, it will be even better to see this building being topped out and under full construction.
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  #1111  
Old Posted Jul 24, 2013, 2:42 AM
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This is good news, but not to be a buzzkill but, wasn't the origional height to the top of the box going to be 460, with a spire that reached to 515 FT? So is the 460 to the top of the spire or mechanical box? If it's the spire, then it only grew by 35 feet over the 425 the 26 story office version was going to be. Don't get me wrong, 35 more feet is awesome, especially if this finally gets done. It will still be a fantastic addition to the skyline. Get it done TMT.
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  #1112  
Old Posted Jul 24, 2013, 2:45 AM
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I'll believe the 'news' when I see a tower rising. A starting date for later this year seems a bit suspect to me, especially if the latest plans are, and I quote, “exploratory” in nature.

I'm not familiar with the processes involved. Is there any chance they're trying to give false hope for restarting PAW in order to push through plans to demolish the Cornelius?

I ask because the timing of this news along with talk of beginning construction this year seems awfully suspicious to me.
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  #1113  
Old Posted Jul 24, 2013, 3:08 AM
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^I don't think so. Making it a majority housing tower with destination retail plus some office space is fairly brilliant. It should get funded pretty quickly on the central city housing alone. Less office space to lease too so an anchor tenant won't need to be as large.
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  #1114  
Old Posted Jul 24, 2013, 11:19 PM
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PBJ article which does nothing to clear up the history of this project.

TMT wants to build full-height Park Avenue West

Wendy Culverwell
Real Estate Daily editor- Portland Business Journal
Email | Twitter | Google+

In a move sure to please architects and skyline aficionados, TMT Development Co. is reconsidering its recession-era decision to trim six stories off its long-stalled Park Avenue West project.

...
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  #1115  
Old Posted Jul 25, 2013, 12:03 AM
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  #1116  
Old Posted Jul 25, 2013, 12:33 AM
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Quote:
Originally Posted by tworivers View Post
PBJ article which does nothing to clear up the history of this project.

TMT wants to build full-height Park Avenue West

Wendy Culverwell
Real Estate Daily editor- Portland Business Journal
Email | Twitter | Google+

In a move sure to please architects and skyline aficionados, TMT Development Co. is reconsidering its recession-era decision to trim six stories off its long-stalled Park Avenue West project.

...
Full-height was 515' IIRC.
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  #1117  
Old Posted Jul 25, 2013, 1:51 AM
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^Looking back through the first couple pages of the thread, it was 410' to mechanical top plus the spire/antenna/flag pole. Perhaps later on it was raised to 515' feet but I didn't keep searching after about 5 pages in.
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  #1118  
Old Posted Jul 25, 2013, 2:11 PM
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Mark, the origional 33 story plan was 460 FT. to mechanical box top, and 515 FT. To the top of the spire. I think 410 ft. was to the top of the 26 story office version, which topped out at 425 ft. to the top of the spire.
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  #1119  
Old Posted Jul 25, 2013, 2:22 PM
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Alright, did some research, and Mark you are right with the origional being 410 ft. But on page 12 you will notice October of 2007, it was redesigned to a new height of 476 ft. to the top of the mechanical box, and had a decorative 39 ft. spire to bring the total height to 515 ft. Kinda cool if this returns to max height. Please TMT, no more BS. Get it done.
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  #1120  
Old Posted Jul 26, 2013, 4:48 AM
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Get it together Mark.
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