Monday, July 28, 2014

Density AND Parking in the Pearl!

How do they do it? When did developers begin to realize that people own and drive cars - and need and want parking? This smart developer is leading the way. It is odd to me that the 28-story tower (plus lower story buildings on the same block) will cost only $110 million, about 12 million more than the proposed Wizer block apartments, and will be sold in the $650 per sf range.

When will Lake Oswego give up its theory-based concepts of limiting parking to a more progressive approach to codes that acknowledges the reality of car ownership. People's behavior cannot be engineered as easily as the textbooks claim, so it is logical to work with what you have, not what you want.

PORTLAND, Ore. (KOIN 6) — With 150 units, the biggest residential project in all of Portland will rise 28 stories high in the Pearl District. (Video on website)

The as-yet-unnamed condominium complex is being built by Hoyt Properties between NW 10th and 11th and between Northrup and Overton.

Tiffany Sweitzer, the president of Hoyt Properties, in her Portland office, July 24, 2014 (KOIN 6 News)

When it’s completed in 2016, it will rise nine stories taller than the current tallest building in the Pearl.

“We thought we could go a little bit taller if we had a smaller footprint,” said Tiffany Sweitzer, the president of Hoyt Properties. “The building is tall, yes, in 28 stories, but it’s also very slender. So that helps with our neighboring buildings in terms of views and shadowing.”

Each condo will have one parking spot per bedroom, she said.
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DJC: May 29, 2014

[Kathy] MacNaughton said the average sales price for Pearl District condos is up significantly from a year ago to $554,500, or $460 per square foot. The average listing price is closer to $716,000, or $515 per square foot.

For Block 15, the plan is for entry-level prices of $650 per square foot. Hoyt Street Properties in February was nearing agreement with Wells Fargo on terms for an approximately $108 million loan for the project, having already ushered the development through design review.

DJC: April 5, 2013