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TCR Wins Approval for Condo Tower, Resubmits for Apartment Tower

PORTLAND, OR-One month after watching a tax abatement for its planned South Waterfront apartment tower get shot down by the city council, Trammell Crow Residential sees its development agreement approved for a 26-story, 120-unit condominium tower at Southwest Third Avenue and Oak Street on land the city will provide it free of charge.

By Brian K. Miller | Updated on October 26, 2005

PORTLAND-The city’s urban renewal agency on Wednesday approved a development agreement with Trammell Crow Residential for a 26-story, 120-unit condominium tower at Southwest Third Avenue and Oak Street on one-quarter of a block the agency will provide TCR free of charge. Construction is anticipated to begin in fall 2006 and to be complete by fall 2008.

As part of the agreement, TCR has agreed to sell a minimum of 15% of the total number of units at prices that do not exceed 95% of the Federal Housing Administration mortgage maximum for a single unit in the Portland-Vancouver MSA as of the initial sale date; and offer a minimum of 15% of the total number of units for initial sale at prices affordable to a family of two that earns no more than 120% of the median family income for the Portland-Vancouver MSA.

The city’s urban renewal agency, the Portland Development Commission, has in turn agreed to give TCR the land, which is valued at $1.3 million; and to demolish the existing building and perform environmental remediation activities at a cost not to exceed $500,000. PDC says it is providing the land for free to offset the risk associated with an unproven location and the inefficiencies associated with developing a one-quarter block property.

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