Starting in March, neighborhood planning on an all-new, 16 story, 280 unit housing tower is slated to begin in Portland’s Pearl District. The apartment tower is proposed to be located off of NW 12th & Pettygrove, continuing to expand and refine the borders of the Pearl District.
According to Tiffany Sweitzer, president of Hoyt Street Properties, the pre-application process currently underway will lead the project through Portland’s design process to mid-summer 2013, with groundbreaking expected to occur later in the fall. In addition to being Hoyt Street Properties’ first for-rent venture in recent years, the 12th & Pettygrove development is unique because of the firm’s decision to seek an outside construction firm on this Portland project; it is anticipated that the contract will be awarded to the Georgia-based Wood Partners construction firm. Hoyt Street Properties’ longtime financial backer, Joseph Weston, “feels the [Portland] apartment market is in danger of being overbuilt.” It is believed Hoyt Street Properties and Wood Partners will be seeking an institutional lender to aid with project financing.
But with Portland continuing to grow as a popular tourist, business, and residential destination, Weston’s concerns are certainly up for debate. Rental housing continues to be a popular living option, with the housing market continuing with its economic recovery. Perhaps the only negative impact would stem from a lack of adequate parking facilities in the parking-starved Pearl District?
While there is no word yet on whether or not there will be any income restrictions on the new tower, you can check out our comprehensive guide to Pearl District apartments and condos, or this more personalized listing for visitors on a budget.