425 apartments, new grocer coming to downtown Portland
Portland Business Journal
June 16th 2015
A new mixed-use development at Southwest 4th and Harrison will add 425 apartments and, likely, a new grocery store to downtown Portland.
A luxury mixed-use development with 425 apartments will rise from a prime corner of real estate owned by Downtown Development Group LLC, the investment company owned by Portland's Goodman family.
Developer Core Spaces LLC plans a mixed-use residential and retail development in the South Auditorium District at the corner of Southwest Fourth Avenue and Southwest Harrison Street. The property has long been used as a parking lot.
According to a release, the new development will include 425 rental housing units with luxury indoor and outdoor amenities, and 29,000 square feet of landscaped outdoor space. Core managing partner Marc Lifshin said the developer is working with a grocer for the anchor retail space.
The development will include studio, 1-, 2- and 3-bedroom units with condominium-quality finishes scenic views of the city, the river and the mountains. Plans also include a fast casual restaurant and 156 parking spaces.
Outdoor spaces will include an oversized rooftop combination pool/hot tub, bocce ball courts, multiple fire pits, a barbecue area and private landscaped balconies and terraces. The indoor amenities will offer up a fitness center, a business center, a rooftop chef's kitchen and lounge, a spa with massage/relaxation rooms, Pilates/yoga space, and a sauna and steam room.
Core is in the early stages of designing the project and is working with neighborhood groups and the city through the zoning and land use design review process. The project is expected to be completed by early 2018.
"The development will be a blend of mid-century and modern designs, offer unmatched amenities and embrace the adjacent Montgomery and 3rd Avenue pedestrian trails and Pettygrove Park," said Lifshin.
Core, which specializes in residential, hospitality and university housing developments, will spearhead the project with its residential division. The firm's senior vice president of development, Chad Matesi, said this development should be attractive to a wide range of residents.
"From recent graduates and young professionals to those with families and empty-nesters, we envision a product here in Portland that appeals to everyone," he said. "The surrounding area has some very nice properties already, but what we plan to develop is a project with more amenities and higher finishes at a price point still within the norm for this part of the city."
The Goodman family's Downtown Development Group has owned parking lots and been involved in Portland's real estate market for more than 50 years. The group will lease the property to the developer.
"We are always excited to work with new partners to respond to the dynamic and evolving needs of the residential and business real estate market here in Portland," said Greg Goodman. "This project meets a demand for high-quality residential units, and is a perfect fit for the neighborhood."