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  #81  
Old Posted Jan 16, 2011, 9:40 PM
Tykendo Tykendo is offline
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To call this building, "iconic" , is laughable. Decent design, yes, but nothing to water (no pun intended) the mouth over.
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  #82  
Old Posted Nov 8, 2011, 5:06 AM
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The project that would not die... Glad to know this is still at least a possibility, both for the building itself (parking garage, not so much) as well as the pedestrian bridge over the tracks.

One Waterfront Place may be ready before Park Avenue West, broker claims
By Angela Webber, DJC
November 7th, 2011

TMT Development added some certainty to its big hole in the ground last week, announcing that construction on the Park Avenue West office tower would resume… though likely not before 2013.

That leads us to ask… what’s happening with Portland’s other long-unbuilt office tower, One Waterfront Place?

Melvin Mark brokerage Vice President Tom Becic says the 12-story, 270,000 square-foot office tower project is shovel ready and is just waiting on a large (100,000-square-foot or so) tenant to move forward.

That’s not really new news, of course. One Waterfront Place has been a project on the books since 1999. The office tower and adjacent garage, proposed by developers Jim Winkler and Bob Naito, was the subject of a disposition and development agreement with the Portland Development Commission starting in 2000. Between 2000 and 2010, that DDA was amended or restated eight times. The final PDC agreement expired this January.

Becic says he still expects to see PDC and the city supporting the project when it goes forward, in one way or another. That’s because he believes the building supports the city’s goals of green development as it has been pre-approved at LEED platinum status. He also suspects a tenant, possibly coming from outside the city or state, could bring hundreds of jobs, which is another prospect that could merit local government support.

The Park Avenue West announcement on Friday was a mix of good and bad news: on the one hand, certainty is a good thing – as long as TMT can stick with its 2013 construction restart date. On the other hand, however, the timeline is a sort of resignation on the part of TMT, acknowledging that it doesn’t think it will have a tenant able to move in for another four years (at the end of 2015.)

Becic feels like One Waterfront Place can do better than that, and could even be “ready to go faster” than already-started Park Avenue West, because the One Waterfront Place project doesn’t need to dig a hole for underground parking.

“An advantage for us is that we’re ready to rock and roll with the right tenant,” Becic said. If that happens, permits will be ready in “weeks, not months,” he said, and the building could be open in two years. The project already has financing secured, pending a tenant agreement, Becic said.

(Note: the broker on Park Avenue West said that project could go forward before 2013 if it secured a tenant, as well. Between now and then, however, the team is moving the crane-off the site and constructing an 8-foot wall to serve as an art project for local youth – to make the next two years of presumed inaction more attractive for passersby.)

Representatives on both projects agree that the low Class-A vacancy rate in Portland is positive for their projects. According to Grubb & Ellis’ recent analysis, Portland’s Class A commercial vacancy rate in the third quarter of 2011 was just 6.5 percent, which means that Portland has the second-lowest vacancy rate of any major metropolitan area in the country.

That will be good news for the projects – but only if a large tenant starts looking for space and picks one of those two buildings to move into. In “normal” economic times, financing may have been available for these projects on a speculative basis – that is, without a tenant already on board. For now, the projects will be completely dependent on tenants. Where are they?

PS: Former DJC reporter Nick Bjork predicted that one of these two projects would go forward this year. Is that still a plausible prediction?

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  #83  
Old Posted Nov 8, 2011, 5:37 PM
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Off topic but hasn't the West End area announced an office midrise in the coming years as well on the surface parking lot of 10th and Stark? Can't remember who the potential developer was/is.
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  #84  
Old Posted Nov 8, 2011, 6:35 PM
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^^^ Pretty sure it was Gerding-Edlen and was just a possibility rather than an announcement. Also, it's 10th and Washington. Part-owned by City Center Parking AKA "Uptown Developers".
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  #85  
Old Posted Nov 9, 2011, 2:32 AM
Derek Derek is offline
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I hope that gets built soon. I live right next to that eye sore/mud pit.
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  #86  
Old Posted Nov 9, 2011, 5:55 PM
twofiftyfive twofiftyfive is offline
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Just seeing that rendering brings back memories of a time when the future looked much brighter than it does now.
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  #87  
Old Posted Nov 10, 2011, 3:46 AM
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Okstate Okstate is offline
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Originally Posted by tworivers View Post
^^^ Pretty sure it was Gerding-Edlen and was just a possibility rather than an announcement. Also, it's 10th and Washington. Part-owned by City Center Parking AKA "Uptown Developers".
I never saw anything about 10th/Washington...isn't that the surface parking lot that houses the largest and most famous food cart pod in the city?

I did see something on 10th and Stark..i'll look for it...sometime.
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  #88  
Old Posted Oct 20, 2013, 3:38 AM
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Sioux612 Sioux612 is offline
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Originally Posted by tworivers View Post
The project that would not die... Glad to know this is still at least a possibility, both for the building itself (parking garage, not so much) as well as the pedestrian bridge over the tracks.

One Waterfront Place may be ready before Park Avenue West, broker claims
By Angela Webber, DJC
November 7th, 2011

TMT Development added some certainty to its big hole in the ground last week, announcing that construction on the Park Avenue West office tower would resume… though likely not before 2013.

That leads us to ask… what’s happening with Portland’s other long-unbuilt office tower, One Waterfront Place?

Melvin Mark brokerage Vice President Tom Becic says the 12-story, 270,000 square-foot office tower project is shovel ready and is just waiting on a large (100,000-square-foot or so) tenant to move forward.

That’s not really new news, of course. One Waterfront Place has been a project on the books since 1999. The office tower and adjacent garage, proposed by developers Jim Winkler and Bob Naito, was the subject of a disposition and development agreement with the Portland Development Commission starting in 2000. Between 2000 and 2010, that DDA was amended or restated eight times. The final PDC agreement expired this January.

Becic says he still expects to see PDC and the city supporting the project when it goes forward, in one way or another. That’s because he believes the building supports the city’s goals of green development as it has been pre-approved at LEED platinum status. He also suspects a tenant, possibly coming from outside the city or state, could bring hundreds of jobs, which is another prospect that could merit local government support.

The Park Avenue West announcement on Friday was a mix of good and bad news: on the one hand, certainty is a good thing – as long as TMT can stick with its 2013 construction restart date. On the other hand, however, the timeline is a sort of resignation on the part of TMT, acknowledging that it doesn’t think it will have a tenant able to move in for another four years (at the end of 2015.)

Becic feels like One Waterfront Place can do better than that, and could even be “ready to go faster” than already-started Park Avenue West, because the One Waterfront Place project doesn’t need to dig a hole for underground parking.

“An advantage for us is that we’re ready to rock and roll with the right tenant,” Becic said. If that happens, permits will be ready in “weeks, not months,” he said, and the building could be open in two years. The project already has financing secured, pending a tenant agreement, Becic said.

(Note: the broker on Park Avenue West said that project could go forward before 2013 if it secured a tenant, as well. Between now and then, however, the team is moving the crane-off the site and constructing an 8-foot wall to serve as an art project for local youth – to make the next two years of presumed inaction more attractive for passersby.)

Representatives on both projects agree that the low Class-A vacancy rate in Portland is positive for their projects. According to Grubb & Ellis’ recent analysis, Portland’s Class A commercial vacancy rate in the third quarter of 2011 was just 6.5 percent, which means that Portland has the second-lowest vacancy rate of any major metropolitan area in the country.

That will be good news for the projects – but only if a large tenant starts looking for space and picks one of those two buildings to move into. In “normal” economic times, financing may have been available for these projects on a speculative basis – that is, without a tenant already on board. For now, the projects will be completely dependent on tenants. Where are they?

PS: Former DJC reporter Nick Bjork predicted that one of these two projects would go forward this year. Is that still a plausible prediction?



...or not.

Do we now begin the OWP countdown?
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  #89  
Old Posted Dec 14, 2014, 12:56 AM
PDXDENSITY PDXDENSITY is offline
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Originally Posted by Sioux612 View Post
...or not.

Do we now begin the OWP countdown?
I hope this site can come back taller and with more mixed use since the economy is doing so well...
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  #90  
Old Posted Dec 14, 2014, 7:12 AM
babs babs is offline
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Originally Posted by Sioux612 View Post
...or not.

Do we now begin the OWP countdown?
Hopefully without the government subsidy that they originally wanted.
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  #91  
Old Posted Dec 15, 2014, 7:33 AM
PDXDENSITY PDXDENSITY is offline
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Hopefully without the government subsidy that they originally wanted.
I'm ok with government subsidy if the investment makes sense; revitalizing our city center is a sound investment, in my opinion.
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  #92  
Old Posted Dec 15, 2014, 9:10 PM
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I'm ok with government subsidy if the investment makes sense; revitalizing our city center is a sound investment, in my opinion.
A subsidy is not needed in this location. Look at all of the investments on this blog and most don't need a subsidy. If they were serious about building this building, they should be doing this in the current environment. The demand is there but the will of the developers is not.
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