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  #181  
Old Posted May 14, 2010, 5:52 AM
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I think this is good news. Old Town still needs a lot of help growing, and PDC leaving would have been a step in the wrong direction. The PAW Hole should be turned into an underground garage and then capped and turned into a city park. OK, maybe not. I'm just bitter about having that damn hole blemish downtown for so long... but even if PDC had signed a lease in PAW, there's no way to know if construction would really resume this summer.

Talk is cheap.
Construction? Not so much.
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  #182  
Old Posted May 14, 2010, 4:49 PM
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Now the PDC needs to get to work finding another anchor tenant to fill up PAW! In this downturn, the PDC needs to be a lot more instrumental in making some big projects happen.
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  #183  
Old Posted May 14, 2010, 7:18 PM
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Perhaps, but despite what that last DJC article says I've heard from a few reliable sources both Nike and Stoel Rives are still committed . . .

fwiw a location on the park blocks would be a huge step up for nike compared to its current location on 6th, which despite being downtown feels incredibly isolated to me.
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  #184  
Old Posted May 16, 2010, 6:14 PM
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well now that PDC has chosen to stay put in Old Town/China Town, I'm very curious about the "large, mixed use development" proposal by Uwajimaya. Does anyone know what block this proposal would be on? Or any other info about this proposal in general. If this project gets started then it would be very good for Old Town/China Town. I would shop at Uwajimaya regularly for sure.
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  #185  
Old Posted May 17, 2010, 1:22 PM
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Originally Posted by Eco_jt View Post
well now that PDC has chosen to stay put in Old Town/China Town, I'm very curious about the "large, mixed use development" proposal by Uwajimaya. Does anyone know what block this proposal would be on? Or any other info about this proposal in general. If this project gets started then it would be very good for Old Town/China Town. I would shop at Uwajimaya regularly for sure.

It is the surface parking between 4th and 5th, Couch and Davis.
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  #186  
Old Posted May 17, 2010, 2:10 PM
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I'm very curious about the "large, mixed use development" proposal by Uwajimaya. Does anyone know what block this proposal would be on? Or any other info about this proposal in general.
http://www.pdc.us/ura/dtwf/block32-33.asp
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  #187  
Old Posted May 17, 2010, 8:33 PM
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thanks for the info. How likely is this project to come to fruition? Is the economy keeping Uwajimaya from developing? Were they 'really' only going to build with PDC staying in Old Town? Anyone know the latest scoop?
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  #188  
Old Posted May 29, 2010, 4:51 AM
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http://blog.oregonlive.com/business_...w_options.html

Developer Tom Moyer considering options for stalled Park Avenue West tower

By Jeff Manning, The Oregonian

May 28, 2010, 5:00PM


Arkasha Stevenson/The Oregonian

A giant hole exists between SW Yamhill Street and SW Morrison Street in downtown Portland -- the future home of the Park Avenue West retail and office tower.TMT Development's effort to get crews working again on the stalled Park Avenue West office tower took a body blow earlier this month when the Portland Development Commission turned down a lease deal and opted to stay in cheaper Old Town quarters.

TMT had told the city that it could get construction financing if PDC agreed to relocate.

But the $170 million downtown Portland project could still be salvaged after a 13-month hiatus, thanks to interest from Pacific Life Insurance Co. The insurer has confirmed to The Oregonian that it is interested in financing the construction project and is negotiating terms with TMT, the real estate developer headed by Tom Moyer.

"We don't have a loan right now with TMT; we don't have a signed contract," said Pacific Life spokesman Tennyson Oyler. "But we are working with them."

The deal, if it comes together, would be a victory for Moyer and for Portlanders tired of seeing a block-sized hole where a retail and office building used to be. But in the era of a frightening economic implosion and enduring credit crisis, developers in general face a formidable funding equation.

Lenders typically want to see a building 75 percent pre-leased before they'll extend financing. They want strong tenants, a good location and a large equity contribution by the developer.

Even with the PDC pre-lease, the Park Avenue West would have been well short of 75 percent. But without the city's urban renewal agency and its 170 employees, the building stands at just 43 percent.

So what now?

TMT President Vanessa Sturgeon is tight-lipped, and declined to address Pacific Life or other specific possibilities. "We're trying to regroup and make a decision about what we want to do going forward," she said.

Behind the scenes, the company may be trying to get around the pre-lease requirement by offering up additional collateral unrelated to the new building. Pacific Life's Oyler said he is unfamiliar with those discussions.

TMT's two major prospective tenants at Park Avenue West -- Nike and the Stoel Rives law firm -- are still apparently on board, though Stoel Rives is keeping its options open.

"We are in regular contact with TMT Development about leasing arrangements at the Park Avenue West building and TMT's progress in securing financing," said Bob Van Brocklin, Stoel Rives managing partner. "We are also talking with our current landlord."

Nike still plans to take a significant chunk of the building's ground-floor retail space for one of its Niketown stores, according to sources close to the deal who aren't authorized to talk about it publicly. Nike did not return phone calls.

By some measures, the city's downtown core has actually held up well through the economic crash. The downtown vacancy rate stood at a respectable 10.5 percent at the end of the first quarter, according to CB Richard Ellis. That's up from the boom times but less than half the vacancy rate in overbuilt Seattle, for example.

Brian Owendoff, managing director of CB Richard Ellis's Portland office, said there is demand out for more downtown space that should keep vacancies at what he considers decent levels. He said his firm is tracking 14 tenants that require 40,000 square feet or more. At this point, there are only six downtown buildings that could accommodate them.

CB Richard Ellis is not involved in the Park Avenue West project. But Owendoff predicts TMT will get it built one way or another.

"As a former real estate developer, I do not see TMT walking away from a significant investment that has been made to date," Owendoff said. "Construction costs have dropped approximately 15 percent over the past six months, and are at or near the bottom. The lack of large blocks of class 'A' space tells me a larger user will step up as a pre-lease tenant to restart construction at Park Avenue West."

On the other hand, rents have gone down, too -- largely because landlords have been forced to grant concessions to struggling tenants. And moving beyond downtown, the market is far more grim. Sunset Corridor, the Kruse Way district and other suburban markets have vacancy rates approaching 25 percent.

The market has been plagued by tenants downsizing as they attempt to weather the economic storm.

Businesses in the greater Portland area gave up more than a million square feet of space in the fourth quarter of 2009 alone. That was the largest quarterly reduction in the local market's history, according to a recent report from FirstService PGP Valuation.

In that kind of environment, it takes a gutsy lender to underwrite a large construction loan.

Ratings agency Standard & Poor's downgraded some of Pacific Life's bonds earlier this month, citing the company's already "high exposure" to construction loans, high-end resort loans and hotel loans.

Pacific Life said it was surprised by the downgrade, since it has not experienced a loan default or foreclosure in the last five years.

-- Jeff Manning


© 2010 OregonLive.com. All rights reserved.
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  #189  
Old Posted Aug 26, 2011, 11:27 PM
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Can't find the Galleria/Target topic...but this appears to be one step closer to something along those lines.

http://www.portlandonline.com/bds/in...42259&a=362151
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  #190  
Old Posted Nov 14, 2011, 6:49 PM
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I don't see a transaction on Portland Maps (how long does it take for a sale to be recorded?) But rumor has it the RiverPlace Hotel (Larkspur) sold to Kimpton (Monaco/Vintage).
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  #191  
Old Posted Jan 31, 2012, 2:24 AM
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Kimpton takes over management and ownership of RiverPlace on Wednesday! Should be interesting to see what they do with the property.
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  #192  
Old Posted Feb 8, 2012, 2:51 AM
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It appears Kimpton is now close to closing a deal for the Governor Hotel. I wonder what their plans are for the Portland market? PLEASE BUILD US A HQ HOTEL FOR THE OCC!
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  #193  
Old Posted Oct 6, 2012, 1:15 AM
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Salesforce.com could be considering new build in central city. Lake Oswego likely to play spoiler!

Rumor: Salesforce.com looking at Kruse Way
Portland Business Journal by Wendy Culverwell , Business Journal staff writer
Date: Friday, October 5, 2012, 2:56pm PDT

http://www.bizjournals.com/portland/...&ed=2012-10-05

Quote:
Salesforce.com, the hottest new tenant in town, is reportedly in negotiations to lease 80,000 square feet in Lake Oswego’s Kruse Way submarket.

Colliers International reports the rumor from broker circles in its third quarter office report for 2012.

San Francisco-based Salesforce.com, a customer management software firm, said in August it would establish a Portland-area office potentially employing as many as 500, but it has remained tight-lipped about just exactly where that office would be. Its silence has triggered plenty of speculation and rumors.

Kruse Way is just the latest. Salesforce.com also is said to be in discussions with American Assets Trust about taking unused space at First & Main, 100 S.W. Main St., and with various developers about a build-to-suit project in the central business district.

If the Kruse Way rumor proves true, it would be a pivotal sign that one of the region’s most-battered submarkets is on the mend.

Kruse Way has long been the area’s busiest office market, but vacancy rates jumped to about 30 percent as the recession took a toll on the mortgage brokers, title companies and other real estate-related firms that called it home.

Salesforce.com could be the tenant to finally activate Kruse Oaks III, a long-vacant building that has become a suburban poster child for the recession’s impact on commercial real estate.

Kruse Oaks III is the only building where Shorenstein Properties, which controls 2.3 million square feet in the Kruse Way area, could easily accommodate a tenant that large.

Kruse Oaks III is a five-story, 108,000-square-foot office building constructed in 2009 and left in mothballs until the economy recovered. Shorenstein has said it won’t activate the building without at least a full-floor tenant.
Salesforce.com declined to comment on the rumors surrounding its potential landing place.

Wendy Culverwell covers real estate, retail and hospitality.
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  #194  
Old Posted Oct 6, 2012, 3:43 AM
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I wonder how this will work out. The IT labor market is pretty tight.
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  #195  
Old Posted Oct 6, 2012, 5:12 AM
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Do young people in IT, who have perhaps moved to Portland for its lifestyle, want to work in a suburban office park, or in downtown Portland?
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  #196  
Old Posted Oct 6, 2012, 8:41 PM
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I think it's about time we had a "build-to-suit" tower in downtown Portland. Wonder who they're talking to, developer-wise...
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  #197  
Old Posted Oct 7, 2012, 5:46 PM
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80,000sf is not much of a tower. But it could be a major tenant for PAW, assuming that's not in TMT legal limbo for another decade.
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  #198  
Old Posted Oct 7, 2012, 8:51 PM
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80,000sf is not much of a tower. But it could be a major tenant for PAW, assuming that's not in TMT legal limbo for another decade.
That was my thought exactly. Oh, please... PAW. I'm not convinced we won't have the PAW hole for another decade, but I can dream.
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  #199  
Old Posted Oct 7, 2012, 11:52 PM
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That was my thought exactly. Oh, please... PAW. I'm not convinced we won't have the PAW hole for another decade, but I can dream.
I mean it wouldn't be a big tower but if they need 80,000 square feet I would assume if built with also ground floor retail in the city with various utilities etc. it would be around 100,000 square feet. This would be a considerable infill project and i would more than welcome it. It wouldn't change the skyline though .
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  #200  
Old Posted Dec 9, 2014, 2:03 AM
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I really wish there were some rumor about a 500'+ going up in the Lloyd District. That's the only place it can currently happen in the city, if I'm not mistaken?

In reality, I wish height restrictions were lifted for all of downtown, south waterfront, and pearl. I feel like Portland's skyline could really go far by adding an iconic, tall building.
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