COMMERCIAL DEVELOPMENT OPPORTUNITY - IN - PORTLAND OREGON Three Continuous Lots 1745, 1803 & 1811 NE 1st Ave. 10,400 SF of CM3 Land
EXECUTIVE SUMMARY PROPOSED PROPERTY INFORMATION HIGHLIGHTS : 10,400 SF of CM3 commercial use land. Dynamic location near many Lloyd District amenities. In close proximity to Downtown Portland. Located 1 block from NE Broadway Blvd. Two blocks east from Interstate 5. Located 1/4 mile from The Moda Center. BIKE SCORE 95 WALKSCORE 90 Address : 1745,1803,1811 NE 1st Ave, Portland, OR 97212 Property ID : R156092, R156094, R156093 Land Area : 10,400 SF Topography : Flat Zoning : CM3 (up to 7 stories) Possible Uses: Hotel, Condominiums, Multi Fam. + Pricing : $ 2,600,000
SITE LOCATION : 10,400 SF consisting of 3 lots (1745, 1803. 1811 NE 1st Ave Portland OR 97212)
ZONING CODE GUIDELINES Primary Zoning Uses : CM3 (large scale commercial) Maximum FAR : 5:1 Max. Building Height : 75 Max. Building Coverage : 100 % Min Landscape area : None Addl. Grd. Fl. Allowance : 3
Downtown-Portland Submarket Report: (This includes the listed property as part of the Lloyd District) By the end of 2018, about 1,000 units are anticipated to deliver in Downtown Portland, increasing the submarket s inventory by over 10%. The majority of the newest units are in the Pearl District. The neighborhood is served by the Portland Streetcar, which connects to all light rail lines downtown. Mill Creek s 5 Star, 290-unit Modera Pearl, which delivered in 18Q1, is one of this year s larger new projects. It is the submarket s first 5 Star property that is not a high-rise and began preleasing in June 2017. As of October 2018, it is 59% occupied. The 218-unit Heartline is another notable recent delivery, moving in its first tenants in July 2018. As of October the community is 46% occupied. The asking rate for its two 2,300 SF 3-bedroom units exceeds $7,000. Heartline is among only a handful of Portland multifamily communities offering any units this expensive. With regard to communities currently under construction, The Collective on 4th is one of the pipeline s more ambitious projects. The 15-story building, developed by Core Spaces, will include 417 apartments, 41,000 SF of retail, and about 19,000 SF of office space. It broke ground in 17Q3 and is expected to deliver in 19Q2. A few blocks away, Alliance Residential paid $5.8 million ($12,400/acre) for a parcel on which to construct Broadstone Reveal, a 146-unit property with ground-floor retail. The project broke ground in early 2017 and is anticipated to deliver within the next few months. Several projects are still in the planning phases, the largest one in the Lloyd District, a neighborhood ranked one of Portland s most bike-friendly areas. The Lloyd District has traditionally been an employment hub with a large supply of office space, but with $50 million in renovations being pumped into the Lloyd Center Mall and many light rail lines passing through the area, it is finally starting to generate multifamily construction. American Assets Trust is planning to add 940 units by redeveloping the Oregon Square office park next to Hassalo on Eighth and has received approval from the Portland Design Commission. (Courtesy of Costar Realty Information Inc.)