Pearl District News - Page 76

Shilo Rune 96 · #**1501** Posted **Dec 18, 2011, 9:55 PM**

philopdx · #**1502** Posted **Dec 19, 2011, 2:02 AM**

Here's one from 12-11-2011:

2oh1 · #**1503** Posted **Dec 19, 2011, 7:13 AM**

Oh, if only they were developing the lot on 11th too. That building is falling apart. The windows are smashed. It's hideous. I assumed that since it has such an amazing location, it would have been developed by now. Anybody know what the story with that one is? You can see it off to the right, up against this construction in the photo above.

zilfondel · #**1504** Posted **Dec 19, 2011, 8:36 PM**

Quote:

Originally Posted by 2oh1

I guess it really is easier to ask forgiveness than to ask permission. If Hoyt pays the fines next month, they'll still make $3,025 instead of making $0 for a parking lot they're not supposed to have. I realize that kind of profit is pennies to Hoyt, but the fine is pennies too.

Ironically, the city is a winner, too, because they get to collect the fine.

Shilo Rune 96 · #**1505** Posted **Dec 19, 2011, 10:44 PM**

Quote:

Originally Posted by zilfondel

Ironically, the city is a winner, too, because they get to collect the fine.

I disagree. The property lacked drainage, which in turn led to more pressure on the city's sewer system.The 100 spaces also took away potential profit from the near by Smart Park.

NJD · #**1506** Posted **Dec 20, 2011, 2:08 AM**

From the blog post

Quote:

the developer must remove all parking spaces and fence off the lot within 45 days. If these conditions are not met, the developer may face up to $30,000 in fines each month.

Quote:

Based upon the four years this surface parking lot was open, the city lost an estimated $625,000 in possible revenue.

mmeade · #**1507** Posted **Dec 20, 2011, 5:58 PM**

There is clearly some interesting math in that Tribune article. Apparently Hoyt street may have made over $100,000 off of the parking lot in the last three years, reducing Smart park income by over $600,000. Somehow, I don't see the direct connection.

Shilo Rune 96 · #**1508** Posted **Dec 21, 2011, 12:05 AM**

Quote:

Originally Posted by mmeade

There is clearly some interesting math in that Tribune article. Apparently Hoyt street may have made over $100,000 off of the parking lot in the last three years, reducing Smart park income by over $600,000. Somehow, I don't see the direct connection.

The article states the lot opened in 2008, based on 48 months, Smart Park's monthly rate of $130/month, and 100 spaces per month:

$624,000 lost in possible revenue

Even with three years it's still $468,000 in lost possible revenue.

Hoyt charged $100/month per each spot or $10,000/month in revenue (as the article states). So, their revenue was more like $360,000-$480,000 in total.

mmeade · #**1509** Posted **Dec 21, 2011, 7:42 PM**

Quote:

A Portland hearings officer has fined Pearl District developer Hoyt Street Properties $5,500 for constructing and running an illegal parking lot that may have netted the company more than $100,000 during the past three years.

I didn't read that as $100,000 per year, but $100,000 total. Perhaps I didn't follow through close enough.

2oh1 · #**1510** Posted **Jan 7, 2012, 8:46 AM**

Did the Encore flip to apartments, or was that just a weird phrasing?

pdxtraveler · #**1511** Posted **Jan 8, 2012, 9:53 PM**

Quote:

Originally Posted by 2oh1

Did the Encore flip to apartments, or was that just a weird phrasing?

No, Encore is still condo.

bvpcvm · #**1512** Posted **Jan 9, 2012, 12:01 AM**

I happened to walk by the "Freedom Center" today (cheapo apartments on the north half of the block with the new INS building). Construction is well under-way.

2oh1 · #**1513** Posted **Jan 9, 2012, 3:56 AM**

Did it eventually sell out?

edirp · #**1514** Posted **Jan 9, 2012, 6:53 PM**

No, still selling units.

pdxtraveler · #**1515** Posted **Jan 9, 2012, 7:40 PM**

Quote:

Originally Posted by edirp

No, still selling units.

But is seems they have been have some success as more and
more of the building is looking lived in at night. Lots of lighted
windows.

I know they did lower the prices a bit.

Shilo Rune 96 · #**1516** Posted **Jan 11, 2012, 10:15 PM**

View the full post:
http://pearlhelp.com/news/hoyt-street-properties-fine/

Shilo Rune 96 · #**1517** Posted **Jan 14, 2012, 5:20 AM**

Northwest Pettygrove Apartments Update (with photos) →

bvpcvm · #**1518** Posted **Jan 14, 2012, 5:55 AM**

Quote:

Originally Posted by Shilo Rune 96

Northwest Pettygrove Apartments Update (with photos) →

^ that's the "Freedom Center" I was referring to a couple posts above, but it doesn't look anything like the original renderings I remember.

Shilo Rune 96 · #**1519** Posted **Jan 14, 2012, 8:11 AM**

Quote:

Originally Posted by bvpcvm

^ that's the "Freedom Center" I was referring to a couple posts above, but it doesn't look anything like the original renderings I remember.

Via the Fosler Architecture website: http://foslerarchitecture.com/?page_id=189

It seems the place has two names...? For marketing reasons, I think they'll ditch the Freedom Center. But who knows.

zilfondel · #**1520** Posted **Jan 15, 2012, 5:24 AM**

"Freedom Center" sounds like an Orwellian prison. :\