Real Estate Thrives Here, Bucking National Trend
Published Mar 24, 2008
There’s an Old World feel to the elaborately decorated Bella Espresso coffee shop in the South Waterfront District.
Portland has an attitude – an attitude of responsibility to future generations, an attitude of renewal and revitalization, an attitude of cooperation.
The city’s collective value system encourages creative urban renewal, brownfield redevelopment, public-private partnerships and sustainability – qualities that enhance livability and generate some impressive economic gains to boot.
Perhaps that’s why, despite a national downturn in the housing market, Portland continues to boom.
RiverPlace, one of the city’s earliest urban renewal projects, continues to thrive as a mixed-use downtown development with easy access to the Willamette River.
Adjacent to downtown lies one of the city’s most celebrated redevelopment areas – the Pearl District, so named because this gem of a shopping-living-dining-cultural destination emerged from the shell of an old rail yard and warehousing area.
Real estate in the Pearl is a hot commodity, from converted lofts in historic warehouses to sleek new condominiums. Residents enjoy the small-neighborhood vibe while benefiting from big-city perks such as parks and the Portland Streetcar.
South Waterfront’s Transformation
In the South Waterfront District, a new development stands as a towering example of sustainable building practices and successful public-private partnerships. The River Blocks reportedly boast more LEED (Leadership in Energy and Environmental Design)-certified residential high-rises than any other neighborhood in the country.
Formerly an industrial brownfield, South Waterfront is being transformed into a high-density, mixed-use development with enormous potential.
“I think Portland’s ability to engage in large public-private projects to get things done is one of its strongest assets,” says Homer Williams, chairman of Williams & Dame Development, a major player in the South Waterfront District and a driving force behind the Pearl District’s revival. Williams was referring to the joint efforts of his company and Gerding Edlen Development Co., the Portland Development Commission, Portland Parks and Recreation, Oregon Health & Science University, and Realty Trust City.
An aerial tram links the South Waterfront with Marquam Hill, providing easy access between campuses of Oregon Health & Science University.
“Things like the tram and streetcar are the leading-edge kind of things most cities just dream of,” Williams says.
The Dollars Behind Developments
Alongside the high-rise developments, some grass-roots opportunities also are springing up, thanks to creative funding options and cooperation between the public and private sectors.
Portland Family of Funds Holdings Inc., a community development agency affiliated with the Portland Development Commission, manages financing for qualifying projects.
“We’ve been fortunate to have access to New Markets Tax Credits, which are designed to encourage private investment in low-income census tracts,” says Christopher Smith, former communications manager for PFF. “So far, we have been involved in 13 projects of varying sizes in Portland.”
One is Vanport Square, a minority-led, mixed-use development on Martin Luther King Jr. Boulevard. According to Smith, business owners in Vanport Square will own
their buildings, allowing them the additional benefit of equity appreciation.
Also in north Portland, a vintage World War II housing project has become a place where “lots of young families are getting a good start,” says Tom Walsh Sr. of Tom Walsh and Co.
Walsh’s company builds affordable housing, including 250 of the 800 homes in the revitalized New Columbia neighborhood.
All in all, it’s boom time in Portland, Vancouver, Wash., and other cities in the region.
“There is a lot of revitalization going on,” Walsh says.
Story by Carol Cowan
Photo by Jeff Adkins
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