UD+P News: December 2018
2018 has been a busy and momentous year. We completed three projects (Coffee Warehouse, Fairmount Apartments and Àlmr) and broke ground on District Office, our Cross Laminated Timber (CLT) office project located in Portland’s Central Eastside. See below for updates on these projects.
In October, we launched our new Opportunity Zone fund, Urban Opportunity Fund I, LLC, and are excited about the interest the fund has generated among existing and new prospective investors. For more information, please contact Theresa Nute at firstname.lastname@example.org.
Fairmount Apartments: Since its completion in June 2018, the newly renovated Fairmount Apartments has been well received by the community and is leasing extraordinarily well. The 80-unit project is 88% leased as of early December. The Fairmount was featured in the October edition of neighborhood newspaper NW Examiner. View the feature here.
Àlmr: Following Àlmr’s completion in late September, residential leasing began on October 1 and the first move-in was on October 15. As of early December, 44% of the project’s 57 residences have been leased. We are actively marketing ground floor retail to prospective tenants and have leased 1,392 sq. ft. to Eb and Bean, a Portland-based company specializing in organic, handmade frozen yogurt with an emphasis on local, artisanal ingredients. Buildout of Eb and Bean’s space is currently underway, with a projected completion date of February 2019. View recent photos of Àlmr here.
Coffee Warehouse: In November, Revant Optics, which relocated its headquarters to the newly renovated Coffee Warehouse earlier this year, received Portland Business Journal’s 2018 Commercial Real Estate Transformer Award. The Transformer Awards recognize outstanding projects in commercial real estate that carry the Ethos of Portland. View photos of Revant Optic’s workspace and manufacturing operations here.
District Office: We completed deep foundation work in November and are currently finishing off buildout of the 27-stall underground parking garage. We will complete below-grade work by the end of the year and will pour the at-grade concrete slab in Q1 2019.
NEW TEAM MEMBER INTRODUCTIONS
We are pleased to introduce new team members Leslie Louis and Joy Wilson who joined us in October.
Development Manager Leslie Louis brings nearly 20 years of construction experience to the team. Prior to UD+P, Leslie worked at PacTrust and Walsh Construction Co., where she honed her expertise in areas ranging from contract negotiation to pre-construction planning, estimating and contract management. At UD+P, Leslie works closely with Avi Ben-Zaken and Senior Development Manager Joren Bass on all aspects of development, from feasibility studies through design.
Office Manager Joy Wilson brings 15 years of experience working for creative agencies, including Wieden + Kennedy, Big Giant and Orangewall Studios. Her roles have ranged from human resources to studio management and office administration. She is inspired by UDP’s commitment to community and sustainability and is dedicated to creating a joyful office environment.
To find out more about Leslie and Joy, view their bios here.
2019 EMERGING TRENDS IN REAL ESTATE
Urban Land Institute (ULI) and PriceWaterhouseCoopers (PwC)
A joint publication of ULI and PricewaterhouseCoopers (PwC), Emerging Trends in Real Estate® is an annual forecast that reflects the views of leading real estate executives in the Americas and provides an outlook on real estate investment and development trends, real estate finance and capital markets, property sectors, metropolitan areas, and other real estate issues throughout the United States and Canada.
The Emerging Trends forecast includes a Markets to Watch section with housing and economic data and rankings for 79 U.S. markets for factors such as Overall Real Estate Prospects and Buy/Hold/Sell Recommendations for retail, multifamily and other property types.