UD+P News: Q1 2019
Hotel Chamberlain: We began the renovation of the historic Hotel Chamberlain building in January. We are currently installing pin piles to support the building’s foundation and increase structural stability. We have completed selective demolition on the upper floors and have salvaged materials that we plan to reuse in the hotel. In addition to the foundation work, we are starting wholesale demolition on the fourth floor.
District Office: Construction of heavy timber office building District Office is progressing well. Installation of the structural core is currently underway. If you drive by the job site at 525 SE MLK, you’ll notice two structural elevator/stair cores coming out of the ground to the 2nd and 3rd floors. We are finishing up installation of slab grade beams in the parking garage and preparing to pour the parking slab.
Àlmr: Leasing at Àlmr is progressing well. We anticipate the residential component of the project, which is 74% leased as of March 1, to achieve stabilization in Q2 2019. In February, we signed a new retail tenant, Bar Diane. This new neighborhood bar will offer a thoughtful selection of wine, beer, aperitifs and spirits paired with an ingredient focused food menu. Build-out of Bar Diane’s 1,290 sq. ft. space will begin by early spring. We are also thrilled to announce the opening of Almr’s first retail business. Local frozen yogurt purveyor Eb and Bean completed their build-out and opened the doors to its third Portland location in February. A Grand Opening celebration is planned for March 1.
Overland Warehouse: San Francisco based event space operator Neyborly completed build-out of its new venue on the ground floor of Overland Warehouse and opened in January. Neyborly currently operates in four other locations in addition to Portland. They have been active in the market and booking events and are excited to add Portland to their portfolio. Find out more about Neyborly’s Old Town space here.
SAvE THE DATE: UD+P SPRING INVESTOR EVENT
We are pleased to announce our Spring Investor Event. We will send out a formal invitation with more details soon. In the interim, please save the date.
EVENT DETAILS & LOGISTICS
Date: May 2, 2019
Time: 5 to 7 p.m.
Venue: The Evergreen
Location: 618 SE Alder St, Portland, OR 97214
Parking: Valet parking will be available
Cocktails: 5:00 to 5:45 p.m.
Mid-Year Update: 5:45 to 6:15 p.m.
Expert Panel and Q&A: 6:15 to 7:00 p.m.
To RSVP, contact Tina McNerthney at email@example.com or (503) 318-6588.
NEW TEAM MEMBER INTRODUCTION
We are pleased to introduce our newest team member, Director of Development, Sarah Zahn.
Sarah is an experienced real estate development professional with a passion for projects that strengthen communities, promote sustainability and improve the urban environment in which we live. Over her 15+ year career, Sarah has engaged in projects ranging from mixed-use infill, multifamily and office to higher education, civic uses and affordable housing. She has a proven track record leading complex projects with multiple stakeholders. At UD+P, Sarah focuses on new business development and acquisition, as well as management of predevelopment activities and finance.
Prior to joining UD+P in 2019, Sarah spent a decade working in real estate development in Portland. During her four-year tenure as Director of Housing for nonprofit housing developer Human Solutions, Sarah oversaw the development and management of a portfolio of 700+ units of affordable family housing. Later, as Development Manager for Gerding Edlen, she spent five years cultivating the firm’s portfolio of public-private partnership projects. Most recently, Sarah worked for ZRZ Realty Company, which was focused on redeveloping a 33-acre former industrial site on the Willamette River into a vibrant, mixed use community. Sarah started her career in real estate development in the San Francisco Bay Area.
A LITTLE MORE ABOUT SARAH
Where did you grow up?
What was your first job in real estate?
In my 20s, after working in marketing for a few years, I did retail leasing for a small company in the Bay Area.
What is something that most people don’t know about you?
Shortly after I graduated from college, I was a ‘ski bum’ in Vail, Colorado for two years. My boyfriend’s parents owned a house there. I worked as a part-time ski instructor at the resort and spent the rest of my time skiing.
What do you like best about living in Portland?
The restaurants! Nostrana is my favorite.
Of the development projects you’ve worked on, do you have a favorite?
The historic renovation and conversion of the old Post Office building at 511 NW Broadway into Portland Northwest College of the Art’s flagship campus building, the Arlene and Harold Schnitzer Center for Art and Design. Completed in 2015, this $34 million renovation was a complex project utilizing New Market Tax Credits and historic tax credits.
Find out more about Sarah and other UD+P team members here.
ECONOMIST PREDICTS CONSTRUCTION SLOW DOWN in POrtland region
Source: Portland Tribune
Author: Jim Redden
Publication Date: February 21, 2019
Despite the many building cranes in parts of Portland, the regional economy is slowing down and new residential construction could grind to a halt as soon as 2020, according to John Tapogna, president of the local ECONorthwest consulting firm.
If that happens, progress being made to reduce inequalities could also stumble, especially in East Multnomah County, where incomes lag behind the rest of the region, Tapogna said.
"Housing construction accelerated in 2016 and 2017, enough so that rents fell at the upper levels and increases slowed down at the lower levels. But we're about to get back into one of those cycles where not much is happening," Tapogna told the Portland Business Alliance at its monthly breakfast forum on Feb. 20.