A pioneering mixed-use development incorporates condos, rental housing and retail.
THE PROJECT:
Built in 1945, the Civic Apartment Building was located across the street from Portland’s sports stadium in a highly distressed geographical area known as the West End. Consistent with blight in the area, the Civic had fallen into disrepair, with plywood covering the ground floor windows. The site was identified for its potential to create additional low-income housing and spur development in the area.
After a competitive RFP process with the Housing Authority of Portland in 2003, the redevelopment project was awarded to Gerding Edlen Development Company, who sought additional funding to achieve its mixed-use goals.
The innovative public/private partnership produced a unique mixed-use development that provided affordable for-rent housing, market-rate condominiums, retail space, and parking.
The 16-story, 260-unit condominium tower and 5-story, 140-unit rental apartment building sit atop 44,000 SF of retail space and a 400-stall underground parking garage. This new urban development is a pioneering example of the mixed-use model, adding numerous sustainable design features that resulted in a LEED Gold certification from the U.S. Green Building Council.
FINANCING:
- Total Project Cost: $97.5 million
- Total NMTC Allocation: $10.5 million
PROJECT PARTNERS:
- Historic Rehabilitation Fund I, LLC
- The Housing Authority of Portland
- Gerding Edlen Development Company
- US Bancorp Community Development Corporation; National Development Corporation
