What's New in Portland:
Since its inception in February 2017, Inclusionary Zoning regulations in the Portland Metropolitan have significantly impacted developers' ability to pencil projects. However, an uptick in major developments in Portland and surrounding tertiary markets provides hope that the hurdles placed by this legislature may be easier to clear than once assumed. Here are some updates:
Portland's Inclusionary Housing: A Recent Study
Recent studies conducted by BAE Urban Economics have concluded that Portland's inclusionary zoning policies may have a less detrimental impact than once assumed. Between rising construction costs, the urban growth boundary, and the ever-increasing land cost, inclusionary zoning is only one component of the complex development landscape that pushes developers out of Rose City. However, Portland legislators still have room to further incentivize affordable housing construction.
Portland's inclusionary zoning policy requires that any new apartment with 20 or more units allocate a percentage of the building to affordable housing. This policy has succeeded in adding over 1,000 AH units to Portland's inventory since its inception, as the tax abatements that come from opting into this policy have made it lucrative to build inside the central city's boundaries and pursue a partially affordable model of housing distribution.
Mill Creek Residential Initiates Project in Beaverton
Mill Creek Residential has initiated development on Modera Beaverton, a 312-unit mixed-use apartment community in downtown Beaverton, Oregon. This LEED Gold-certified development will offer studio, 1, 2, and 3-bedroom units with upscale features and smart technology, including proximity to nearby restaurants, entertainment, and several large employers. Modera Beaverton has a current projection completion date in the summer of 2025.
New Projects Shaping the Future of the Portland Metro Area
Driven by government charter reform, office worker dynamics, and new real estate development initiatives, the Portland Metropolitan and surrounding markets are significantly transforming. These are five projects to keep on your radar in the coming years on the development front:
- Lloyd Center Redevelopment
- Keller Auditorium
- Albina Vision Trust HQ
- Zidell Yards
- Vancouver Innovation Center
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Oregon Digest