By Jon Bell, Portland Business Journal
With everything going on and up at the Burnside Bridgehead, it might be hard to imagine that there's enough room for another towering apartment building to rise up. But there is.
Beam Development and Urban Development + Partners have teamed up for an 18- to 20-story apartment building as phase II of Block 75, which is located at the corner of Northeast Davis and Third. The building will sit next to phase I of the block, a 10-story mixed-use building from Beam and UDP called Slate.
Eric Cress, principal with UDP, said the new residential building will have between 104 and 106 units and ground-floor retail space.
"It will be a beautiful, high-quality building," he said.
Initial designs also include a mechanized parking system on levels three and four, though Cress said various manufacturers of those systems are still being vetted.
Beam and UDP partnered with Works Partnership Architecture on the design of the building. WPA also designed Slate. The new apartment building, which has yet to be named, has gone before the Design Commission for an initial design advice request. It will likely head into the design review process in the near future.
Click through the renderings from WPA for a look at what's coming next to the Burnside Bridgehead.
Rising rents are shrinking the amount of time it takes for Portland-area homeowners to realize a financial advantage over renting. Portland-area buyers who stay in their home for 2.2 years will be better off than if they had rented a similar home. Renters who could afford the monthly costs of home-ownership and who might benefit from its advantages might have trouble qualifying for a mortgage or saving for a down payment. They may also prefer flexibility over being tied down to a house and mortgage.