PORTLAND, OR – Oct. 18, 2022 – The second, larger phase of the Press Blocks development in Portland’s Goose Hollow neighborhood has been fully capitalized and construction has started, according to John Marasco, Chief Development Officer with Security Properties (“SP”), the co-developer of the project along with Urban Renaissance Group (URG).
“As Downtown Portland, the Pearl District, Northwest, and Slabtown have developed rapidly, Goose Hollow has lagged slightly behind until now, Marasco said. “The Press Blocks will bring not only much-needed rental housing to the area but also provide an anchor for Portland’s next great neighborhood, replacing the massive concrete print facility that has dominated the area since the ’50s.”
Designed by Mithun and taking up an entire city block in two structures, the second phase of the Press Blocks comprises a 24-story high-rise that will deliver 341 apartments, and a three-story commercial building that includes retail, live-work units, and creative office for a total of more than 30,000 square feet of commercial space. The development will offer extensive rooftop amenities including a hot and cold water plunge, as well as subterranean parking for 473 cars and secured bike storage. A publicly accessible mid-block connector and plaza at the corner of S.W. 17th Avenue and S.W. Taylor Street will invite the public into the heart of the development and create a sunny southwest facing open space for the enjoyment of the Goose Hollow community.
Bert Gregory FAIA, Mithun’s Design Partner in charge noted: “The Press Blocks full-block project will add a vibrant collection of retail, live/work, and open space featuring a midblock mews to Goose Hollow, while adding to the delightful architectural texture of the neighborhood, completing the vision we all had for this special location in downtown Portland.”
Named after The Oregonian newspaper’s printing and distribution facilities, which originally stood on the property, the Press Blocks comprise one and a half city blocks located at 1621 S.W. Taylor St., near Providence Park, home of the Portland Timbers Major League Soccer club. The unique design of the Press Blocks provides for the sharing of a subterranean parking garage that includes a pedestrian connection below S.W. 17th Avenue that will allow Canvas office workers to park beneath the residential building and walk through a climate controlled tunnel to elevators within the office building. To the west of the property is the Multnomah Athletic Club and the Red/BlueMAX light rail station is adjacent at the corner of S.W. 17th and Yamhill St.
The Canvas office building was the first phase of the Press Blocks development and comprises 140,000 square-foot of office and ground related commercial space. Canvas was completed in the summer of 2020 and featured the immensely popular Migration Brewing “pop-up” on its roof during the pandemic.
SP and URG worked jointly on the development’s debt and equity program, which includes a consortium of Japanese investors led by the Takenaka Corporation with financing through Sumitomo Mitsui Trust Bank, Limited, New York Branch. The Press Blocks investment will be their first in the City of Portland.
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 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.
About Urban Renaissance Group.
Urban Renaissance Group LLC is a Seattle-based full-service commercial real estate company, engaged in acquisitions, development, asset management, leasing, property management and ownership in Seattle, Bellevue, Denver and Portland. Founded in 2006, the strategic premise of URG is that the form of the American City is changing dramatically; the company acts as a catalyst that understands and ignites that change, thereby building community, generating appropriate returns for its investors and opportunities for its partners and employees.
About Takenaka Corporation
Takenaka Corporation is among Japan’s oldest and largest architect, engineering and construction companies with a long history rich in tradition that spans over 400 years and includes creating many of Japan’s most prominent architectural landmarks. Since 1960, Takenaka has established twenty-five offices in many foreign countries and over the years has been the recipient of many design, technique, and quality awards. With annual sales in excess of $10 billion and a track record of acquiring and owning prime properties in various international locations, the group’s existing portfolio includes office buildings and hotels in London, New York, Kauai, Seattle, and San Francisco.