PORTLAND, OR – Oct 26, 2022 – Commercial real estate developer Security Properties (“SP”) today announced that construction has commenced on the Splash Apartments, the first phase of the Pop Blocks redevelopment in Northeast Portland. SP has partnered with MetLife Investment Management as its capital partner and obtained construction financing from Bank of the West to fully capitalize the project.
Situated at N.E. 27th Avenue and Sandy Boulevard, the mixed-use development includes the Pavilion, a 1962 bow-truss building that will be preserved and renovated, celebrating a highly visible and familiar structure on Sandy Boulevard, the site of the former Pepsi Bottling Co.
“The Splash Apartments and the Pavilion celebrate both Midcentury architecture and community,” Security Properties Chief Development Officer John Marasco said. “Splash will be a destination, with amenities that start well before entering the front door.”
Purposefully designed by Mithun, including landscape, to create an inviting community place, the Sandy Boulevard side of Splash will feature a new, sunny, 10,000 square-foot public plaza surrounding the renovated historic bow-truss Pavilion building. The Plaza, with generous planting and seating, integrated art, water features and refined lighting design, will be a new public amenity on a grand scale. Behind the apartment building, the new Pacific Street woonerf – Dutch for “living yard” – and park will complete the destination and placemaking experience, creating a street where pedestrians and bikes share space and cars are slowed with various traffic-calming design measures.
Retail, including the Pavilion’s 10,000 square feet and 4,250 square feet of new space fronting the Plaza at the ground level of the apartment buildings, is also a focus of this destination development. With a 90 walk score, a 100 bike score and a 61 transit score, residents and visitors will have easy access to the property. Additionally, the 186-space below-ground parking lot includes 40 stalls reserved for retail.
Security Properties has intentionally taken a sustainable design approach with Splash. The annual projected energy use per square-foot of the building, or Energy Use Intensity (EUI), is estimated to be roughly 50 percent less than similar typical code-minimum buildings. Inside, a reverse cycle chiller plant meets 100% of the domestic hot water load, and all units will be conditioned by Package Terminal Heat Pumps (PTHP). Low-flow plumbing fixtures, Energy Star rated appliances, and LED lighting will be used in units and common areas. The entire building will be certified by Earth Advantage Multifamily.
Additionally, responding to the Covid-prompted trend of hybrid work, Splash will provide many spaces for residents to work from home. Lounge spaces on level one and the top-floor function equally well for gatherings as they do for work, with multiple styles of seating with convenient outlets and technology features. Four areas on level one are purpose-built for co-working, including a conference room, business center, and several styles of work spaces for individuals or small groups.
Another Splash highlight will be the fitness facility on level one, a large, bright space that fronts the woonerf and includes a yoga room.
On the top floor, a grand lounge offers many areas including a gourmet demonstration kitchen with long dining table, cinema room, fireplace lounge area with a pool table and kegerator, as well as numerous other seating groups. This rooftop lounge wraps around a sunny south-facing outdoor space with barbeques for outdoor cooking offering views of Mt. Hood and downtown Portland.
Splash is part of the Pop Blocks Planned Development that was approved by the Portland Design Commission in 2018. Comprising five parcels, some visible from I-84, Pop Blocks features a large, central landscaped park and a variety of open spaces with development sites suitable for residential, office and medical buildings.
About Security Properties
Since its formation in 1969, Seattle, WA-based Security Properties and its partners have invested more than $2.0 billion of equity in multifamily real estate, representing a portfolio value of nearly $6.1 billion. Today, the Security Properties portfolio reflects interests in 113 assets encompassing nearly 24,298 multifamily housing units – including properties under construction – making it one of the largest owners of residential real estate in the country. Security Properties believes in proactive communications with partners, lenders, and employees, and invests heavily in the training of its people to ensure the longevity of its business relationships.