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Former Oregon Ballet Home Sold As Demo Crews Make Way For Apartments
Dated: January 16 2016
There's a new dance going on at the corner of Southeast Sixth Avenue and Belmont.
Where once Oregon Ballet Theatre's dancers honed their numbers, now heavy equipment has waltzed in and begun demolition of the 14,100-square-foot building to make way for a six-story, 200-unit apartment complex.
Looking to right its financial ship, including paying off some debts and socking away funds for a permanent new home in the future, OBT sold its former home at 818 Southeast Sixth Ave. to developer Mill Creek Residential Trust. CBREannounced this week that the deal officially closed for $6.25 million. Graham Taylor and Carrie Kahn, CBRE’s capital markets multifamily investment properties team, marketed the property for OBT.
Mill Creek, which has a range of projects around Portland, is planning to build Modera Belmont on the 37,600-square-foot block. The project will rise six stories and include 200 apartments as well as 11,000 square feet of ground floor retail and below-grade parking.
“This was a classic infill opportunity,” Taylor said in a release. “Oregon Ballet Theatre had outgrown its existing home, while Mill Creek saw all the benefits the emerging neighborhood has to offer new residents."
OBT has already moved into its new home in the Bancroft Building in the South Waterfront. The new headquarters includes three studios, a large costuming shop, production office and support offices.
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 25+ years in the industry, Mark has gained experience in....
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