To meet Portland's growing housing needs, several existing multifamily projects are in the works. With increasing rent prices, there is also a need for more affordable housing units. The city is working to accommodate the demand.
Development Updates in Portland
Guardian Real Estate Services, one of the most active players in the Portland real estate market, just secured $95 million in financing for a 200-unit community. The project is expected to be completed in 2024 and will include 40 affordable housing units and a ground floor with nearly 12,000 square feet of retail space.
Cairn Pacific has expanded their plans for a cluster of apartments in Portland. Originally planning for eight buildings and 145 apartments, they have added five more facilities to the plans to bring 219 apartments across 13 buildings. The new proposal will have to be reviewed, but they hope to break ground this year.
A California company, USA Properties Fund, is working on its first project in Oregon: a 169 unit affordable housing development in east Portland. Almost half of the units will be three-bedroom apartments to meet the housing needs of families. The city is working hard to make sure that developments like this can make financial sense for the developers to accommodate low-income families.
Portland-based Urban Development + Partners is planning a mixed-use project in Lake Oswego that will include a 77-unit boutique hotel and 66 units of housing, and nearly 6000 square feet of retail space. Eight housing units will be workforce housing for people under the area's median income. This project will bring much-needed housing to the downtown Lake Oswego area.
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Oregon Digest