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  #901  
Old Posted Jan 4, 2010, 4:07 AM
philopdx philopdx is offline
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Originally Posted by Artist View Post
You guys are as good as the Feds for spending other people's money.
We're all taxpayers here, son. We just have different ideas as to what serves the common good. I'd like to see how far you'd get building an aircraft carrier or repaving I-5 in exchange for paying no taxes for ten years. Good luck with that.

Some goals can only be achieved through collective effort. *gasp* Whether this hole in the ground qualifies as one of those goals is up for debate, just like interstate highways, which .92 cents of every dollar is paid for by "other people's money".
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  #902  
Old Posted Jan 5, 2010, 9:25 AM
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Originally Posted by puerco View Post
Portland has Phil Knight. Maybe he'd be interested in investing in some downtown property. He's already spent a lot of money in the suburbs.
I'm sure he's waiting to move Park Ave West to Tualatin.
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  #903  
Old Posted Jan 5, 2010, 5:31 PM
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Originally Posted by puerco View Post
Portland has Phil Knight. Maybe he'd be interested in investing in some downtown property. He's already spent a lot of money in the suburbs.
But why would he do that? Unlike Trump or Paul Allen, Knight isn't a real estate guy. His company owns land it uses, but isn't a landlord. And given Nike's recent downsizing, I'm guessing they have plenty of space in Beaverton.
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  #904  
Old Posted Jan 9, 2010, 2:41 AM
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Has Vestas decided on PAW or One Waterfront Place?
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  #905  
Old Posted Jan 11, 2010, 9:38 PM
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Don't look for Vestas to do anything in Portland. Unfortunately.
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  #906  
Old Posted Mar 4, 2010, 3:36 AM
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  #907  
Old Posted Mar 4, 2010, 7:42 AM
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Yeah, that's the one I was talking about earlier! It looks a tad shorter, but with such a small block, it should still have quite an impact.
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  #908  
Old Posted Apr 29, 2010, 1:19 AM
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make paradise, tear up a parking lot
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  #909  
Old Posted Apr 29, 2010, 5:08 AM
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man that looks sharp. Let's get 'er done!
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  #910  
Old Posted Apr 29, 2010, 8:21 PM
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^That would look quite ominous paired with our winter skies. I'm digging it.
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  #911  
Old Posted Apr 29, 2010, 10:06 PM
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That looks fantastic. The computer generated rendering is so good, it looks like it has already been built. It will be a great addition to the skyline.
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  #912  
Old Posted Apr 29, 2010, 10:21 PM
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The new 26-story plan approved Aug. 6 includes two stories of retail space, 24 floors for office space and no residential floors. The redesign eliminated 58 parking spaces and increased long-term bicycle parking to 80 spaces. There is a slight increase to the size of the bike parking locker rooms.

Read more: City panel approves new look of Park Avenue West - Portland Business Journal:
http://portland.bizjournals.com/port...wscolumn2.html

I very much prefer the previous design, but this is still nice. They say construction is supposed to begin again in early 2010. Let's just hope it gets built soon.
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  #913  
Old Posted Apr 30, 2010, 4:09 AM
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I don't want to see PDC abandon Old Town, but if their relocation into this beauty gets it off the ground ... I'm all for it! That's a sharp looking tower. Enough of this boarded-up hole in the middle of downtown.
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  #914  
Old Posted Jun 22, 2010, 2:21 AM
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DJC today:

What’s next for Park Avenue West?
POSTED: Monday, June 21, 2010 at 02:06 PM PT
BY: Nick Bjork

Construction stalled on the Park Avenue West tower in April 2009 when financial markets began to tighten. But a few real estate professionals around Portland believe the project is still well positioned to be completed and delivered to the market successfully.


Since construction on the Park Avenue West tower ground to a halt last year when the financial markets tightened up, the project has become perhaps Portland’s most visible symbol of recession: a fenced-up, 40-foot-deep hole in the ground with rusting rebar sticking out. But the project’s half-started status could end up helping it, according to some local real estate professionals.

“A lot of people paint this hole in the ground as a great tragedy. But the costs accrued on the project so far aren’t lost; they are sunk into the project,” said Gerard Mildner, associate professor of real estate finance at Portland State University.

Tom Moyer, owner of TMT Development, decided to start construction on Park Avenue West on a speculative basis, with no tenants or financing lined up. It wasn’t the first time he had taken such an approach to constructing a building in Portland. In 1997, he used his own money to start building the Fox Tower, relying on word of mouth to attract both financing and tenants. By the time the 27-story building opened in 2000, 93 percent of it was leased.

The Park Avenue West project, however, was plagued by bad timing and tightening financial markets. Law firm Stoel Rives pre-leased 11 floors, but that wasn’t enough to convince lenders to extend a loan for the project. As a result, Moyer stopped construction on Park Avenue West.

But Mildner thinks the project can still be successful, based on the makeup of the office market in Portland’s Central Business District.

“You would think First & Main being delivered would be a nail in the coffin for the Park Avenue West project,” he said of the First & Main building that recently finished construction. Several federal agencies moved from the Edith Green–Wendell Wyatt Federal Building - which is being renovated - to First & Main.

“(First & Main) doesn’t free up any space because most of it was absorbed quickly with long-term leases from various federal agencies,” Mildner said.

Mildner suspects the costs of keeping the Park Avenue West project stalled are actually low, relative to the overall cost. Other than fees associated with rental fencing and crane management, no other substantial costs are likely involved, he said.

Considering that foundation work has already started and that the permitting process has already been navigated, both the developer and the city have incentive to get this project moving again, Mildner added.

Based on state building codes, a municipality can pull the permits on a stalled project after six months if the developer doesn’t pay to have a full inspection performed on the project in that time period, said Ross Caron, spokesperson for the Bureau of Development Services. But the municipality also has the discretion to extend that time period.

“In the case of Park Avenue West, where the problem was a financing issue, BDS is willing to extend that time period as long as the developer is keeping the site safe and secure,” he said. “Both the developer and the city have an incentive to see this project through.”

The Portland Development Commission has an incentive, from an economic development standpoint, to see the project restart. But the city also has an interest in it from a financial standpoint, with the $1.3 million in property taxes that the tower is projected to bring in on an annual basis.

“The problem with Park Avenue West from our standpoint is that there is no money available to help them out,” said Shawn Uhlman, spokesperson for the PDC. The last year the project could borrow money against the South Park Blocks Urban Renewal Area was 2008.

Cities across the country are trying to come up with practical solutions for using property where construction projects are stalled. The Seattle Department of Planning and Development earlier this month announced legislation that would give developers a break on property taxes for allowing their unbuilt properties to be used as parking lots, or to house food carts or retail kiosks. Vancouver, B.C., is giving tax breaks to idle project lots turned into community gardens, dog parks or green spaces while waiting out current market conditions. But Portland hasn’t had enough halted construction projects to warrant looking into such solutions, Uhlman said.

Mildner doesn’t think the Park Avenue West site would be suitable for an alternate temporary use. And that’s not necessarily a bad thing, he said.

“The fact that we have a motivated property owner with these sunken costs isn’t the worst thing in the world,” Mildner said. “And I suspect the added costs of having the crane there and keeping the site secure is pretty trivial compared to shutting the entire thing down and losing the sunken costs.”

The stalled status of Park Avenue West could actually end up benefiting the project, according to Brian Owendoff, managing director of CB Richard Ellis‘ Portland office.

If the project were to move forward soon, it would have a significant lead on any other similar projects, and have an edge in attracting tenants. Speed of delivery is a huge advantage, Owendoff said.

And considering that the foundation has been constructed for the specific project, there is no financially feasible way to build anything else, Mildner added.

In the meantime, Vanessa Sturgeon, president of TMT Development, is providing few specifics about the future of the project.

“There are some costs adding up, so we will have to make a decision with what we want to do,” Sturgeon said. “But it’s going to take us a little more time to make that decision.”
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  #915  
Old Posted Jun 22, 2010, 6:27 PM
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Grrr. I wish they'd just cap it and turn it into another Park Blocks park, but with underground parking accessed via Fox Tower. I'm in favor of this tower, but I'm sick of The PAW Hole. It's a scar on our downtown. Cap it and build a park there.
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  #916  
Old Posted Jun 23, 2010, 12:00 AM
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^^^ Totally agree with being sick of the ugly hole in the ground. It's a drag on the surrounding blocks and just a big old eyesore ... and just exacerbates the dumpy atmosphere of that damn Smart Park/Peterson's across the street.

BUT ... I would much rather wait out construction than have a park there. While I understand the desire to extend the Park Blocks, density would be much more beneficial here. This section of DT, as you're walking west towards 10th Ave., really loses its energy. Another park would break up what HOPEfully will be a revitalized Morrison Street with dense retail. Redevelop Smart Park; redevelop the former Carl Greve corner; complete PAW. DONE. hahahaha-- not holding my breath but I know it'll all happen eventually. THis recession is feeling like the spring weather this year ... little peeks at the sun, then 3 days of clouds and showers. Enough already.
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  #917  
Old Posted Jun 23, 2010, 12:10 AM
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btw: it sounds like we can thank Obama's stimulus when PAW resumes. Since federal employees are moving into 1st and Main while the stimulus-funded renovation of their current building is underway, the DT vacancy rate will remain lower and provide PAW some more ability to find tenants.
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  #918  
Old Posted Aug 2, 2010, 3:36 AM
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not to be political, but as the economy heads into another recession, do we have much hope for PAW going up anytime in the next few years?

I wonder if the crane will come down this fall (not that there is much demand for it elsewhere).

Hopefully some deal is struck and the thing starts rising. We could use the construction jobs and a nice piece of the skyline. It just doesn't seem very likely does it?
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  #919  
Old Posted Aug 2, 2010, 4:01 AM
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Originally Posted by WestCoast View Post
not to be political, but as the economy heads into another recession, do we have much hope for PAW going up anytime in the next few years?
Not to be political, but we don't know that we're headed into another recession. We're still finding out how bad of shape the other party left the country in. Not to be political. I find it amazing that Obama managed to avoid another great depression, but he gets zero credit. History will not be kind to the previous administration. Not to be political though.

I want PAW built as badly as anyone else, but it's going to come down to leasing. When they cross a threshold, it'll get built. Until then, we wait. I'd rather they finish the underground parking, then cap it and build a park, but that's not going to happen.
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  #920  
Old Posted Aug 2, 2010, 4:48 AM
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Quote:
Originally Posted by WestCoast
not to be political, but as the economy heads into another recession, do we have much hope for PAW going up anytime in the next few years?
Not to be political, but we don't know that we're headed into another recession. We're still finding out how bad of shape the other party left the country in. Not to be political. I find it amazing that Obama managed to avoid another great depression, but he gets zero credit. History will not be kind to the previous administration. Not to be political though.
Originally Posted by 2oh1
I want PAW built as badly as anyone else, but it's going to come down to leasing. When they cross a threshold, it'll get built. Until then, we wait. I'd rather they finish the underground parking, then cap it and build a park, but that's not going to happen.
I'd like to see PAW go up (jobs, taxes, skyline-filler) but I don't see the hole as *that* much worse than all the surface parking lots and giant parking garages that fill our gutted city.

I also wouldn't mind another park block going in, but 1) it will leave me feeling like losing several historic buildings was not an equal trade-off and 2) I'd hope for something better than Director Park, which is growing off me --rather than on me-- the more I experience it, much to my dismay.
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