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When the economy turned sour, Weston Development Co. waited until it could make lemonade.

The Portland Development Commission in 2007 awarded Weston Development a contract to build the Cosmopolitan Tower, planned as a 31-story condominium complex with 223 units, in the Lloyd District. Then the housing market fell apart.

But now, at the urging of developer Joe Weston, has redesigned the building as a 312-room hotel.

鈥淭he goal was to try to get the building to fit within (the original) skin so you’re not going back to design review,鈥� LRS principal Bill Ruff said.

The sleek, 28-story, 8,000-square-foot point tower would rise approximately 321 feet from a three-story podium occupying the entire half-block between 1010 and 1034 N.E. Grand Ave. Ruff said the tower’s design is a breath of fresh air in a city characterized by short, squat buildings.

鈥淔or years it appeared that the city planners in the city of Portland were afraid of heights for whatever reason, which is why you have all these short, blocky buildings down in the Pearl District,鈥� he said. 鈥淵ou know, a six-story canyon going down the street is not very comfortable.鈥�

With a tall, skinny facade, the Cosmopolitan is designed to allow more light and usable space between buildings. He said the team took inspiration from Vancouver, B.C., where point towers are commonplace.

鈥淲hat happens is you preserve the view for more people, you get more light down to the street and you get these rooftop gardens that are usable by all the tenants,鈥� he said.

Ruff said each floor of the hotel would have 13 rooms, ranging from 300 to 800 square feet. The top three floors would be reserved for 10 condominiums, ranging from 900 to 3,500 square feet. In total, the building would have approximately 300,000 square feet, including 20,000 square feet of event and back-of-house space, as well as a garden on the fourth floor.

Brian McCartin, executive vice president of convention and tourism sales for Travel Portland, said a new hotel would be a great boon for the city’s convention business, which is substantial. According to Metro’s 2011 fiscal impact report for the Oregon Convention Center, events there resulted in $449.6 million in spending in the greater tri-county area.

McCartin added that while his office books approximately 40 to 50 conventions each year, it loses just as many because Portland doesn’t have a hotel that’s dedicated to serving the center.

鈥淚t is very clear the need exists and I think even the hotel community clearly sees that we lose a lot of conventions for Portland,鈥� he said. 鈥淎nd to ensure the long-term sustainability of the center, it requires the right package.鈥�

Ruff said the Cosmopolitan project team thinks the tower could solve the problem. But Metro’s general manager of visitor venues, Teri Dresler, disagrees.

鈥淭he Weston development, while it’s great 鈥� we love development in the neighborhood and it’s fairly close to the convention center 鈥� doesn’t quite meet the criteria for a convention center headquarter hotel,鈥� she said.

Dresler said that in order for the center to gain the business it’s presently unable to capture, a block of at least 500 rooms is needed. To that end, she said Metro officials have resumed conversations with city and county political leaders to revisit the idea of a headquarters hotel.

Plans for that 600-room hotel fell by the wayside last year because of economic factors. Another project on the table is the PDC’s plan to redevelop the Inn at the Convention Center.

The PDC purchased that property in 2002 for $5.2 million, and Public Affairs Manager Shawn Uhlman said officials are in negotiations with Integrity Structures to lead the project. Uhlman said the plan is to create a boutique hotel similar to Hotel Modera in downtown Portland, to complement other hospitality businesses in the area.

鈥淭he product is different, and it’s just creating a lot more activity and a lot more activation for that area, and I think any of these efforts would provide that,鈥� Uhlman said.

鈥淎s for the Cosmopolitan Tower, the site is currently owned by the Portland Housing Bureau. Maileen Hamto, public information officer with the bureau, said PHB currently has a disposition and development agreement with Weston Development, but that it was also open to making the site available to other developers interested in developing affordable housing.

She said the agency 鈥渋s interested in the possibility of selling the site, and that we’re currently in talks with Mr. Weston about it.鈥�

Ruff said his team is waiting to see how those negotiations turn out, but that ultimately, the market will likely dictate the project’s fate.

鈥淥f course, now that things are changing maybe a hotel is not the best thing to do anyway, but who knows,鈥� he said. 鈥淭he market is turning around, no question about it.鈥�