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Seattle developer, in stepping up Portland activity, breaks ground in NoPo

Portland Business Journal

November 21st 2014

North Portland's latest mixed-use project got underway this week when ground broke for Security Properties' four-building project at North Williams Avenue and North Mason Street.

The Seattle developer will build four buildings, three with ground-floor office and retail space, totaling more than 352,400 square feet. The retail and office space will offer just over 26,100 square feet of space. Plans call for 268 apartments on the upper levels.

The new development will also include a central woonerf - a pedestrian alley of sorts - and ample bike parking.

Security, which bought the 91,000-square-acre North Portland property in 2013, has been dabbling in Portland since at least 2006 and has become more active in the metro region in recent years. It paid $11 million for the Honeyman Hardware Loft Apartments in the Pearl District in 2006, $34.3 million for three Beaverton apartment complexes in 2011 and $25.7 million of the Forest Creek Apartments in Portland in 2012.

In 2013, Security also purchased Block 136 in the Pearl District, which is the current home of the Pacific Northwest College of Art. PNCA plans to move into the historic former post office building at 511 N.W. Broadway in 2015.

After that move, Security is planning to build two buildings on Block 136: a 75-foot building with ground floor retail and either office or residential above and a 150-foot tower with retail at ground level and apartments above.

Some nearby residents are not happy with the proposed tower and have formed a group to oppose it.