Former Oregon Ballet Home Sold As Demo Crews Make Way For Apartments

Dated: January 16 2016

Views: 597

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.


Demolition work has begun at the former home of Oregon Ballet Theater on Southeast Sixth Avenue. Mill Creek Residential Trust will build 200 apartments in place of the company's former home.Enlarge

Demolition work has begun at the former home of Oregon Ballet Theater on Southeast Sixth… more

CATHY CHENEY | PORTLAND BUSINESS JOURNAL



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.


Source

Blog author image

Mark Ross

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 ....

Latest Blog Posts

Does My Real Estate Agent Get Paid If I Dont Buy A House

If you’re a first-time homebuyer (or a longtime homeowner) out there searching for your new home, you may spend quite a lot of time touring houses with your real estate agent.But what happens if

Read More

Mortgage Rates And Home Prices Will Rise In 2022

Economists at Fannie Mae expect an increase in mortgage rates and home prices in 2022 due to higher inflation, a tightening of monetary policy, and low home inventory.Fannie Mae in its October

Read More

Homebuilders Are Growing Concerned About Affordability

Homebuilder confidence continued to rise in October despite increasing affordability issues due to rising material prices and ongoing shortages, according to the latest National Association of Home

Read More

How To Evict A Family Member Or Friend With No Lease

Thinking about evicting a family member with no lease? If you’re feeling more than a bit guilty over the prospect—well, don’t be so hard on yourself: You have plenty of company on this one

Read More