The total development cost of the project is approximately $17.6 million, with equity being provided by high net-worth investors and the debt provided by a bank, according to a prepared statement by Urban Pacific managing partner Scott Choppin. Choppin was unavailable Thursday to provide additional detail, such as the expected sellout.

In addition to the residential units, the project will include ground-floor commercial space, a community room, fitness center and business center. Thomas Johnson Architects, LLC of Portland designed the project. Portland-based Yorke and Curtis will serve as the general contactor. The first phase of the project is expected to be completed in April 2006.

Launched in 1999, UPB specializes in higher density, mixed-use housing developments that also include retail and/or office components, in urban areas close to employment centers and transit corridors. Choppin expects the Cannery Lofts will appeal to attracting young professionals as well as buyers looking for a second home and empty-nesters seeking a unique living situation.