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15M Beaverton Development Will Match Foster Kids With Elder Care
Dated: March 18 2016
Earlier this month, Real Estate Investment Group submitted a transaction to the Business Journal's Real Estate Roundup database outlining a land purchase that Portland housing nonprofit Bridge Meadows recently made. The deal found Bridge Meadows buying about half an acre in Beaverton from Premier Storage Beaverton.
On the heels of that deal comes news that Bridge Meadows has actually acquired a full two acres at the intersection of Allen Boulevard and Menlo Drive that will be home to a new intergenerational community center and 41 residential units, including nine family town homes and 32 elder apartments.
The new community will replicate Bridge Meadows' existing three-generation community model in Portland. It's also getting a big boost from real estate firm Windermere Stellar, which recently donated $100,000 to the project.
“We’re thrilled to receive this significant gift from our friends at Windermere Stellar," said Bridge Meadows executive director Derenda Schubert, in a release. "They have been our partner in every step of this journey, supporting us since our first location opened nearly six years ago. Contributions, like those from Windermere Stellar, will help us in our efforts to create permanency in the lives of local-area foster children by providing forever homes, assisting adoptive parents with resources and giving elders purpose in their daily lives.”
According to Bridge Meadows, the Beaverton location will share a similar footprint to the original Bridge Meadows property in North Portland. The Portland location is a place where adoptive parents, foster children and elders 55 and older live together in the same, close-knit community.
“With the Beaverton expansion, Bridge Meadows will further extend its reach, creating a sustainable solution that does not continually tap public dollars,” said Windermere Stellar co-owner Joan Allen, who also serves on the Bridge Meadows board of directors.
In addition to the Windermere Stellar donation, the organization has received support from the state, the city of Beaverton and Washington County, to the tune of nearly $14 million. The total project cost is estimated at $15.2 million.
The Beaverton project is currently in the pre-development phase; it should break ground in July and wrap up in April 2017.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....
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