PORTLAND -- The Park Avenue West high-rise will rise again. The project, first announced in 2007, came to a halt during the great recession and left a gaping hole in the middle of downtown.
TMT, one of the city's largest downtown developers, is wasting no time getting the site prepared to pick up where it left off nearly 5 years ago.
This time, plans call for 15 floors of apartments instead of condos, and 13 floors of office space. Developers said a major tenant for street-level retail will be announced soon.
According to TMT, funding was easier to find once they changed the plans from condos to apartments, because of the extremely tight rental market in Portland.
We knew Portland's market is so cyclical, and we knew that we were going to have meet the market by 2015 or 2016, said Vanessa Sturgeon, President of TMT Development. The stars just really aligned because real estate fundamentals are coming back. So financing is coming back for good solid projects.
The $175 million project is being financed in part by the Ohio Public Employee s Retirement System.
Hoffman construction will oversee the project, which it also did the first time. Work begins in earnest after the holidays and will mean hundreds of construction jobs.
Eventually, all the art work that surrounds the construction site will be auctioned off to benefit New Avenues for Youth.
The skyscraper will open in the spring of 2016.