Hoyt Street Starting Three More Mixed-Use Projects

PORTLAND-Hoyt Street Properties’ unrelenting redevelopment of the 34-acre former rail yards near Union Station continues in 2002 with the construction of three new residential-over-retail buildings. The projects–two condominium projects and one apartment building totaling $100 million–will add about 290 housing units and 30,000 sf of retail to the northeastern edge of the burgeoning Pearl District.

Hoyt Street has a commitment with the city to ultimately have 2,700 new housing units developed on its property. Hoyt Street already has developed there 520 units in four condominium buildings (Riverstone, Tanner Place, Johnson Townhomes, Street Car Lofts) and one apartment building (Kearney Plaza) that had to be built twice due to a fire and is now completed leased up at some of the highest rents in the city ($1.62 per sf per month). Starbucks recently became the inaugural ground-floor retail tenant, leasing 1,800 sf. Condo sales also have gone quite well, with three of the buildings 100% sold and Street Car Lofts, the newest finished product, about 80% sold.

Now under development at Northwest 11th and Marshall Street is Bridgeport, a two-building, 123-unit condominium project with a $35-million price tag and asking sales prices of $190 per sf. Anderson Construction is the general contractor. Completion is scheduled for May 2003.