TUALATIN, Ore. - The Portland metro area has one of the tightest apartment markets in the country and developers are responding. One of the newest is being built near Bridgeport Village in Tualatin.
The concept is called the Wrap. It's actually pretty simple -- the buildings surround the parking garages which are located in the center of the development, hiding them from nearby streets.
Other parts of the country have been building this type of complex for sometime. But, this is a first here. In Texas they call them "donuts."
Tuesday, was the ceremonial groundbreaking, just south of Bridgeport Village on Lower Boones Ferry Road.
The project originally started in 2007. But when the recession hit and financing dried up, construction stopped.
Now it's back on the fast track.
When it's completed, there will be 367 luxury apartments and town homes. In 22,000 square feet of retail space, along with walking paths to Bridgeport Vilage retailers.
"This tightness in the market has created an incredible price increase in downtown properties, so people are getting priced out of that market but still want to live in new place that has a more urban feel. So this is going to be that for them, " said Sam Rodriguez, Mill Creek Residential Trust.
The $70 million project will create 400 construction jobs, which will focus on green practices.
The Bridgeport apartments cover three jurisdictions, Tualatin, Durham and Washington County.
All three will share in the tax revenue generated by the project.
Construction is slated to be finished in late 2014.