Developer Simpson Housing LLLP – of Denver – had planned to construct a 15 story apartment tower at Northwest 14th and Irving Street. Late last week the proposal was sent to The City of Portland, but later this week it was officially canceled. The decision still remains unknown. Spencer Welton – vice president of the developer firm – said, “It’s kind of a dead deal at this point,” but wouldn’t explain anymore.
Portland does have one of the lowest apartment vacancy rates in the country right now, at an average of just 2.4%. The 15 story apartment would’ve provided ground level retail space, underground parking, and mostly high-end residential rental apartments. The developer – Simpson Housing LLP – is responsible for the recent low-rise Matisse apartments in the South Waterfront.
Online bloggers speculated the developer was testing the city. In the past, the city has agreed to fund holes in costs to kickstart economic development. Perhaps – this time – no funding was pitched.