&PORTLAND – A large new development will bring 211 new apartments and townhomes, along with anchor businesses, to Northeast Portland.
The construction project is located in the Sullivan Gulch neighborhood between Grant Park and Laurelhurst.
The site was vacant after Albina Oil moved out in 2003. At the time, several developers were interested in the land, but none were ambitious enough to start a project during the recession.
This latest venture is being led by Capstone Partners' Chris Nelson and Jeff Sackett, who resurrected and re-invented what will now be called Grant Park Village.
The project is three blocks long - the size of two football fields – and New Season's Market will be an anchor tenant, with a 35,000-square-foot store.
“We've done this for a long, long time and we know the market is very strong,” Sackett said.
“Our goal in our mind is to have a good neighborhood on site but also to have access to amenities nearby,” Nelson added.
The project has a high Street Smart Walk score of 93, which means there will be many retail shops, parks and other neighborhood services within walking distance.
Phase one of the $120 million project is scheduled to be finished in November 2014. Two more phases will follow.