It is official, the residential worm in NW Portland has turned! Apartment development growth has replaced condominum development through out Portland. As reported in today's Oregonian by Elliot Njus, Portland developer, Bob Ball plans on developing 177 apartment units in the north end of The Pearl. The $35 million project will take 15 months to complete.
Another 350+ units are also being planned and developed for the Slabtown(Con-way) neighborhood in NW northwest Portland. Smaller scale projects are the new normal vs. huge multi-tower developments of the past. Financing and the neighborhood approval process has tempered the ambitious large-scale development project of the past. Expect more future apartment development as rental rates rise and unit vacancy continues to drop below 2%.