Stalled Project Gets Second Chance at Life

PORTLAND, OR—A stalled student housing project planned near Portland State University here could get another chance at life, thanks to a new development partner.

The development, initially proposed in 2008, was put on hold after the developer, Opus Northwest, abandoned the plans due to meltdown of the real estate& financial industries and its subsequent exit from the Portland market, but the project still had a glimmer of hope, thanks to Brian Owendoff, former head of Opus’ office here. Now a senior vice president with Capacity Commercial Group LLC, Owendoff revived the project, presenting the plans to several student housing developers. Earlier this year, Phoenix Property Co. of Dallas, tapped him to secure entitlement and be the local “development-boots-on-the-ground” to build the 18-story tower.