PORTLAND, OR - Wood Partners, L.L.C, one of the nation's most active multifamily developers, has broken ground on a 281-unit apartment tower complex in Portland's popular Pearl District. The tower, located adjacent to the newly built 3.2 acre Fields Park, is Wood Partners first development in Portland and third in the Pacific Northwest.
"We are excited to break ground on this new development in the Pearl District," said Steve Yoon, Wood Partners' Vice President of development for the Northwest Region. "We feel Portland is just a fantastic place to live, with its walkable communities and abundance of neighborhood amenities, and the timing couldn't be better for new development."
The development is part of Wood Partners' west coast development strategy focusing on high-quality infill projects.
"This project is similar to other projects that we are developing in core locations up and down the west coast," said Frank Middleton, Wood Partners' Western Region Director of Development. "We look forward to being a part of the Pearl District and working with the locals to hopefully bring something to the neighborhood that adds to an already vibrant community."
The development, designed by Boora Architects, will include two buildings: a 63-unit five-story low-rise and a 218-unit 16-story high rise. Residents of the buildings will have access to an expansive rooftop deck with views of Mount Hood, two luxury clubhouses, and a spacious ground-floor plaza. Anderson Construction is the general contractor.
The buildings site is bound on the north edge by Pettygrove Avenue, a designated "green" street intended to connect Fields Park to green spaces west of the neighborhood. Portland's two streetcar lines connect the site with downtown Portland and the South Waterfront. The apartments will be within a 10-minute walk of downtown. The low-rise will be completed by Q2 2015 and the high-rise by year-end 2015.
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It was ranked the nation's No. 2 multifamily developer in 2012 based on 5,100 unit starts.