PORTLAND, OR -- (Marketwire) -- 12/12/12 -- Wood Partners, one of the nation's leading multifamily developers, announced today that it has reached an agreement with local developer Hoyt Street Properties to pursue development of an $80 million high-rise tower in downtown Portland's Pearl District, the first of its kind in the past four years.
The project would be a new 250-unit, 21-story project on the west side of the soon to completed three-acre Fields Park, which will be both an active front yard for the residential units and a place for the entire neighborhood to recreate. Once approved by the city, land closing and construction start could be underway by the fall of 2013.
"As a leading national player in the multifamily industry, we have long been interested in entering the Portland market," said Frank Middleton, western regional director for Wood Partners. "We look forward to partnering with Hoyt Street Properties, which has a long history and a strong reputation here. They will provide an intimate understanding of the neighborhood, as well as Portland's permit/approval process."
Hoyt Street Properties created the approved master plan for the neighborhood and has already completed development of several mixed-use projects in the Pearl District, where it has developed more than 50 percent of the land since 1997. Hoyt has started design on a new 165-unit high-rise condominium project across the park that also is expected to break ground in 2013. Both projects will add new housing, more jobs and revitalized energy to the area.
This is the first time that Hoyt Street has partnered with another developer, and Tiffany Sweitzer, president and partner of the firm, says it's a strategic match.
"The combination of our local experience and Wood Partner's track record of building more than 40,000 luxury units -- many of them in high-rise communities -- across the country would allow us to offer Portland a truly unique product that blends into the northern end of The Pearl," Sweitzer said.
Boora Architects is designing the project. The partnership plans to use a third-party general contractor. Wood Partners is currently under construction on two high-rise projects on the west coast in Los Angeles and Seattle and has a high-level understanding of the GC and subcontractor market
The site is part of Hoyt Street Properties' master plan for its properties in the Pearl and already has zoning for high-rise in place. It will be the first rental property built on the Fields Park. The additional height would provide extraordinary views of the Willamette River, Mt. Hood, the Fremont Bridge and the downtown skyline.
About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. In May 2012, it was ranked the nation's No. 1 multifamily developer with 3,750 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the development of more than 40,000 homes with a combined value of more than $5.5 billion nationwide. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Boca Raton, Boston, Charlotte, Dallas, Denver, Houston, New York, Newport Beach, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our Web site at www.woodpartners.com.
HOYT (Hoyt Street Properties) is a leader in creating sustainable communities to encourage sound investment and support an earth-friendly lifestyle. Since 1997, it has developed more than 50% of Portland, Oregon's Pearl District -- a community that is widely recognized as one of the most successful urban revitalization projects in the world. Hoyt Yards, a 34-acre plot of what used to be abandoned rail yards and "brownfields," is now home to 14 mixed use and condominium buildings, as well as restaurants, retail, galleries, parks and other attractions. The Hoyt Yards plan recently earned a LEED for Neighborhood Development (LEED ND) Platinum rating, the highest available. It was the fifth neighborhood plan in the US to receive LEED ND Platinum.
HOYT's real estate arm, HOYT Realty Group, offers the widest selection of living options in the Pearl District. It represents HOYT developments, as well as other Pearl condominium properties.
Information about HOYT and HOYT Realty Group is online at www.hoytliving.com.
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