New Project Represents URG’s Largest Development Deal in Portland; Brings Overall Platform to More Than 1.5M Sq. Ft.
The 23-Story Project to Include Luxury High-Rise Apartments, 8-Story Office Building and Ground-Level Retail
Portland, Ore., February 2, 2017 – Urban Renaissance Group (www.urbanrengroup.com) (URG) and Security Properties (www.securityproperties.com) today announced their purchase of the Press Blocks buildings in Portland, Oregon from Advance Publications, the parent company of the Oregonian newspaper. Purchase price for the properties was $20 million. Demolition of the existing buildings is planned to begin prior to year-end with construction of the three-building project slated for completion in mid 2020.
Located at 817 SW 17th Ave., the one-and-a-half block site in Portland’s historic Goose Hollow district is designed to include an active mix of residential and commercial uses, leading the transformation from what was once manufacturing and distribution to a new urban hub. The proposed development will include an eight-story office building, a high-rise residential apartment building and a 41,000 sq. ft. pavilion building with 14,000 sq. ft. of ground floor commercial space and two floors of creative office.
“This investment expands our Portland presence significantly and is our largest development project to date in the city,” said URG Founder and Chief Executive Officer, Patrick Callahan. “We believe the Press Blocks project offers us a rare opportunity to lead the rapidly transforming Goose Hollow neighborhood.”
Tom Kilbane, URG’s managing partner of the Portland office, comments that, “There is so much happening in this part of Goose Hollow right now and we are really excited to be part of it. The Press Blocks project will add a great mix of housing, jobs and retail to the neighborhood. We look forward to partnering with Security Properties and expanding our presence in Portland.”
“We couldn’t be more excited about the potential of Goose Hollow to become a new urban hub with an active mix of housing, office and neighborhood commercial uses located just minutes by foot to Portland’s CBD and adjacent to the Max for commuters throughout the greater Portland metropolitan area,” said John Marasco, Chief Development Officer at Security Properties. “Our development strategy has been to be very urban and in particular, proximate to multimodal transit nodes. We have been looking for development opportunities in Goose Hollow for the last several years and when the opportunity came up to partner with URG and become a part of this significant transformative development, we jumped on it!”
The Press Blocks site is ideally situated with direct access to I-405 and Highway 26. It is also conveniently located near public transportation with the MAX Red and Blue lines stopping in front of the buildings, connecting the project to downtown Portland, Portland International Airport and Portland Streetcar.
The site design is a collaborative effort between GBD Architects of Portland, the lead designer for the half block office component, and Seattle-based Mithun, the design lead on the full block residential and pavilion component.
New Press Blocks Site Solidifies URG as One of Portland’s Largest Commercial Developers
As a full-service commercial real estate company, URG will oversee development of the site’s 150,000 sq. ft. office building, adding to the firm’s significant presence in Portland, which includes nine owned or managed buildings totaling more than 1.5M sq. ft.
The new Press Blocks office building will include 13-foot floor-to-floor heights with floor plates of 18,800 sq. ft., and one level of below-grade parking. Additionally, a 2,000 sq. ft. rooftop amenity room will be available to all tenants, as well as a large rooftop deck with sweeping views to the west and adjacent Providence Park stadium.
Designed to be bike friendly, the building will also include a ground-floor bike hub with 118-secure bike parking spaces, lockers, repair station, showers, changing facilities and designated bike entrance.
Tenants on the seventh floor will also have exclusive, covered-terrace access, with an 800 sq. ft. exterior terrace on the northwest corner of the seventh floor including views to the west into Providence Park.
Residential Mixed-Use Developer Security Properties Expands Portland Presence With More Than 800 Housing Units Underway
Covering a full block, Security Properties’ high-rise apartment tower will feature 337 apartments coupled with a 4 story “pavilion” building along 17th that will include two floors of creative office space in a heavy-timber building, ground-floor retail and work-live spaces. The Press Blocks location is very attractive for new development due to its tremendous proximity to downtown, light rail access, and connectedness with the Pearl District, Slabtown, and Northwest neighborhoods.
The building will feature three vertical neighborhoods where a mix of smaller studios, one and two-bedroom units are planned in the lower half of the tower, larger units including one-plus and two-bedroom units in the upper tower with the top floor limited to eight unique penthouse suites. Sizes will range from 525 sq. ft. to 1,800 sq. ft., which is intended to provide a wide variety of options for residents.
Residents will also find many attractive building amenities including a rooftop resident lounge with demonstration kitchen, fitness and spa centers with expansive views of the city skyline. A bike club on the ground floor will provide more space for informal gathering, tools for bike repair and a variety of storage lockers for 600 bicycles.
Pavilion Building to Feature Creative Office and Two-Story Space With Upper-Level Outdoor Deck For Restaurant Use
Planned for a mix of commercial uses, the pavilion building includes ground-floor retail with 20-foot ceilings and an exposed, heavy timber and steel framing structural system. Additionally, the building features three two-story “work live” spaces designed along the terraced landscaped “mews” – or small alleyways – between the high-rise tower and the pavilion building. The two upper floors of the building are targeted for creative office uses, including a full-length landscaped outdoor plaza at level three. The smaller office space floor plates are intended to compliment the larger office floor plates in URG’s building, which are ideally suited to single tenant users.
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. The strategic premise of the Urban Renaissance Group is that the form of the American City will change dramatically during the next 20 years. Urban Renaissance Group acts as a catalyst that understands and ignites that change, thereby building community, creating place, and generating fair returns for investors, as well as opportunities for its partners and employees. Learn more at www.urbanrengroup.com.
About Security Properties
Security Properties is a national real estate investment, development, and operating company headquartered in Seattle. For more than 45 years, Security Properties has provided quality housing to its residents as well as excellent financial performance for its investors. Since its founding, Security Properties has acquired or developed more than 66,500 residential units at a cost of over $3.35 billion. Security Properties maintains a focused multi-family strategy supported by integrated teams of professional acquisition, development, construction, investment, and property management specialists. For more information, visit www.securityproperties.com.