Old Town Block Sells For 11 Million To Developer Eyeing Mixed Use Building

Dated: June 20 2016

Views: 466

Old Town Chinatown-018.JPG A developer wants to build a large mixed-use project in Old Town Chinatown, but wants the city to increase height limits. (Anna Marum/The Oregonian)(Picasa)



A local developer has purchased a surface parking lot in Portland's Old Town Chinatown neighborhood for $11 million and wants to turn it into a mixed-use project that would include units affordable to lower-income residents.


But first, Guardian Real Estate Services hopes Portland officials will increase height limits in the area, allowing taller buildings.


The company wants to transform the block between Northwest Couch Street, Davis Street, Fourth Avenue and Fifth Avenue -- known as Block 33 -- into a "large-scale" project that would include residential, hotel and perhaps office uses, said Adrian Boly, vice president of acquisition and development at Guardian. The building would also likely include ground-floor retail space.


"We're very preliminary right now," Boly said.


Guardian bought the land from Portland developer David Gold. The property lies in the New Chinatown/Japantown Historic District, and the city is working now to develop new design guidelines for the area. The current zoning allows for buildings to be 100 feet tall, Boly said, but Guardian wants to go taller.


"We as a city are adding density and are growing," Boly said. "And it's more likely that we're going to go up as opposed to out."


Boly indicated Guardian believes the height limit could be raised to 125 feet after talks with Portland officials.


The developer is also interested in taking advantage of Portland's Multiple-Unit Limited Tax Exemption program, which grants 10 years of property tax breaks in exchange for keeping 20 percent of the residential units affordable to those making 60 percent of area median income.


The Portland Business Journal first reported on the project. The Portland Development Commission is in talks with Guardian about its plans and has expressed interest in funding and owning a parking component on the site, the newspaper reported.

-- Luke Hammill 


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

10 Ways To Save On A Kitchen Remodel

A kitchen remodel is among the most popular renovation projects for homeowners, but it can quickly become the most expensive. According to HomeAdvisor, the average kitchen remodel costs $25,656, or

Read More

6 Mortgage Tips For Single Homebuyers With Children

If you’re a single parent, it’s arguably more challenging to buy a home than for those in a partnership with dual incomes. Yet it’s easy to see why so many single parents are eager to purchase

Read More

How To Deal With Unsolicited Offers

If you’re one of those lucky people who own a home in a “hot” area, it’s a pretty sweet feeling. You made a good real estate call. If you decide to sell, all signs point to it being an easy

Read More

Homebuying And Mortgage Guide For Singles

Many people might picture homeownership as an event that happens only after two people get married and start a financial partnership. Some mortgages are still structured to reflect that idea. But

Read More