PSU, City Agree on $49M Student Housing Project

PORTLAND-In partnership with the City of Portland, Portland State University says it will develop a 10-story student housing facility between Southwest Broadway Avenue and Jackson Street.

The 217,000-sf building will have 17,000-sf of commercial space for lease on the first floor. The second floor will house a computer lab and other academic space. The rest of the building will be built out as 384 studio apartments.

The city’s urban renewal agency, the Portland Development Commission, will finance the $49-million project with economic redevelopment revenue bonds to be repaid with rental revenue. Gerding/Edlen Development, which is selling the property to PSU, will oversee design and construction.