The acquisition of a NE Portland property for development adds at least 50 new homes to a pipeline that now tops 560 Bond-funded housing units.Read More…
421 SW 6th Avenue, Suite 500, Portland, OR 97204
The Portland Development Commission (PDC) and the Portland Housing Bureau (PHB) have selected the team of Bridge Housing Corporation/Williams & Dame for the development of RiverPlace Parcel 3 in the North Macadam Urban Renewal area, a 2.01-acre site at 2095 SW River Parkway.
PDC and PHB issued a Request for Proposals in April 2015 for the redevelopment of the parcel. The RFP required a minimum of 200 units of affordable housing at 0-60 percent median family income. The RFP generated three responses, which were then reviewed by an evaluation committee composed of staff from PDC, PHB, and the City of Portland, as well as local stakeholders and affordable housing community representatives.
The Bridge Housing proposal included 203 units of affordable housing as well as 162 market rate housing units, 238 parking stalls, and 30,000 square feet of ground-floor retail. As many as 90 housing units will be affordable to households earning less than 30 percent of the Median Family Income ($24,250 or below for a family of four), thanks to a commitment from Home Forward to dedicate 80 rent assistance vouchers to the project, including 10 for homeless veterans.
“We are very happy to be moving forward with Bridge to bring such a significant amount of deeply affordable housing to one of our most amenity-rich areas,” said Commissioner Dan Saltzman, who oversees PHB. “We are especially excited about the mix of two- and three-bedroom units proposed by the Bridge team, which will allow more children and families to benefit from the great livability and opportunities of the South Waterfront.”
PDC Executive Director Patrick Quinton said, “To have Bridge Housing Corporation pursue this opportunity, with its long history of affordable housing projects on the West Coast, speaks to the overall strength of the Portland market and South Waterfront in particular. I am confident this project will add to the vibrancy and energy of this area.”
PDC, PHB and the Bridge Housing team will now enter into a due diligence and negotiation phase, with the goal of reaching a purchase and sale agreement on the property. The total project cost is estimated at $93 million, with at least $19 million of that coming from urban renewal funds.