PORTLAND, Ore. -- Construction on one of the newest and tallest additions to the Portland skyline has been postponed for the rest of 2009.

Courtesy: World Architecture News

An architect's rendering of the Park Avenue Tower in downtown Portland.

Park Avenue West tower construction has been halted until at least the first quarter of 2010, developers announced Friday.

The building was originally designed to be 32 stories tall, with 10 of those stories filled with condominiums.

TMT Development, the firm constructing the tower, said the plans have been adjusted; the 10 stories of condos will no longer be erected.

The tower will now house two floors of retail space on the ground and 20 stories of office space, bringing the total size to 22 stories instead of the originally-planned 32, TMT confirmed.

“As people know, the crisis in the financial markets has made borrowing for commercial development more difficult,” said Vanessa Sturgeon, President of TMT Development. “Under normal circumstances, TMT Development would have no problem obtaining construction financing on a building like Park Avenue West, which is 55 percent leased. Unfortunately, current market conditions make such borrowing challenging, even for the best projects.”

There are currently 350 union workers employed in various aspects of the project.

Construction will halt on Monday.

The Park Avenue West building is located between SW Yamhill and Morrison streets, and Park and 9th Avenues.