PORTLAND - Developers now have their sites set on the Lloyd District in Northeast Portland, ready to build three high-rise apartment towers.
In the works for 15 years, the towers near the Lloyd Center mall will have 780 apartment units.
The decision to move forward comes as Portland has one of the tightest apartment vacancies in the country, just behind New York.
"Our directive is to try and break ground by the end of the this year sometime in December," said Craig Davis, a director with GBD Architects in Portland.
This $250-million project will create an unprecedented building opportunity creating hundreds of construction jobs.
"The big deal is that the project is likely to be built all at once. And that's a very big project for the city of Portland," said Davis.
The three towers will be built on what's called a superblock, four city-size blocks, between Northeast 7th and 9th avenues between Multnomah and Holladay.
"One of the first things to do is to create a since of place," said Kyle Anderson. He's leading the design team at GBD Architects.
The towers will be 13, 18, and 32 stories high.
"You've got a MAX stop, you have a street car that just went in, so you have all this energy happening around the site," said Anderson.
The towers will capitalize on views of the city, Mount Hood, the Willamette River, and Forest Park.
If all goes as planned, the Lloyd Blocks will be ready for occupancy by early 2015.