The 225,000-sf project by Aiyana Weidler LLC will stack a locally owned grocery store and 88 condominiums on top of three levels of underground parking. Construction of the seven-story building is slated to begin in mid-October and end in early 2005.
Alan Kravatz, managing member of the development entity and CEO of Aiyana Group Architects, which designed the project, tells GlobeSt.com the project is being financed with a two-year construction loan from Chicago-based Corus Bank. Swinerton Builders is the general contractor for the project.
The project site is bounded by Northeast Broadway and Weidler streets and Northeast 16th and 17th avenues. Kravatz says he picked up one piece of the property two years ago and the other piece about one year ago. The combined purchase price was $3 million, he says.
A 30,000-sf Zupan's Market will occupy the ground floor of the project. A bistro-style restaurant serving beer and wine will be located inside the store. Kravatz says the grocery store deal was a good fit because John Zupan had been eyeing the site as an ideal location to expand his six-store chain.
The condos, which will have one parking spot per bedroom, are being marketed at $275 per sf, which is about 10% below what condos are selling for across the Willamette River in Northwest Portland's Pearl District, says Kravatz. Amenities will include large patios or balconies, natural gas fireplaces and wiring for high-speed Internet access. Windermere's Billy Grippo has the marketing assignment. A sales office will open this week at 1724 Broadway, one half block east of the development site.
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