The Central City 2035 Plan Discussion Draft was recently released, offering a fresh vision for the heart of Portland.
Portland’s Central City is home to more than 32,000 people and 123,000 jobs in less than five square miles. As Portland grows and becomes more diverse, the city’s center will face new and increasing challenges. The plan lays the groundwork for prosperous, healthy, equitable and resilient Central City, where people can collaborate, innovate, and create a better future together.
Approximately 400,000 additional people and 240,000 more jobs will move into the Portland-area urban growth boundary by 2035. Metro reports this can be accommodated by the construction of 195,500 new homes during the next 20 years. 120,500-123,000 new multifamily homes and 75,000 new single-family homes. This creates more density without moving the urban growth boundary line. Here are a few projects you’ll see popping up:
- AC Hotel: construction of a new hotel on SW Taylor and Fourth with 204 rooms on 13 stories will be open at the end of this year
- 20 Story Office and Boutique Hotel Tower: located on SW Columbia and SW Claw with 170 rooms on the floors 1-7 and office space on floors 8-20. Will be open this spring
- The Diane: located on 11th and Hoyt where Jim Stevens auto was, which will be a mixed-use building
- Cosmopolitan on the Park: tallest condo in the Pearl with 28 floors, 150 units, panoramic views from each unit and made of 70% glass windows. Will be ready for move in this summer
These are just a few of many constructions projects underway, and with the height restrictions lifted, you’ll see more residential living popping up to support the retail core. Areas like the Pearl, downtown, west end, goose hollow, and south waterfront will see big changes.
We work hard to stay up-to-date on how Portland is changing and have excellent relationships with key officials. If you’d like to know more about the market and what it means for your home, please let us know!
The post Portland’s Growing: What You Need to Know appeared first on Will Fendon Properties Team at Cascade Sotheby's International Realty.