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A group of developers is looking to break the bank in east Portland.

Capstone Partners LLC, Green Light Development and Premium Properties USA are jointly planning to raze a former Wells Fargo branch at 2625 E. Burnside St. and build in its place a mixed-use building with 135 market-rate apartments. Unlike many recent inner-city developments, the $12 million to $13 million project will include underground parking 鈥� 52 spaces. It also has received a favorable endorsement from neighbors.

The development team鈥檚 biggest challenge will likely involve coordination with Coca-Cola North America, which operates a syrup manufacturing and distribution facility on the lot north of the property. For years, truck vendors have used the former bank branch site to idle while waiting to make pickups. They won鈥檛 be able to do that once construction starts.

鈥淲e鈥檙e not interested in having Coke stop its operations,鈥� said Mark Desbrow, managing partner of Green Light Development. 鈥淲e just want to make sure their operations are running as cleanly and smoothly as possible and not affecting the neighborhood or our project in a negative way. We are working with Coke on removing their queuing practices.鈥�

Desbrow said Coke has been receptive to changes, and is weighing various options 鈥� like leasing new space to stage truck traffic. Every project, he said, comes with unique nuances.

Desbrow, who is also developing a mixed-use multifamily project on Division Street with Capstone Partners, has had his eye on this project since he worked for Opus Northwest. It had an option to buy the property, but let it go after the economy went into recession.

Another developer briefly planned a retail project for the site, but that fell through and then the current group stepped up. Kurt Schultz, a principal at SERA Architects, the project鈥檚 designer, said the project will bring some welcome action to the neighborhood.

鈥淚t鈥檚 definitely a good area, and a good up-and-coming area,鈥� he said. 鈥淲hat we鈥檙e really trying to do is activate Burnside in particular.鈥�

The 120,000-square-foot building will be shaped like a 鈥淐,鈥� with an inner courtyard facing the Chopsticks Express Restaurant to the east, and the main facade fronting on Burnside St. Approximately 20,000 square feet will be devoted to the parking garage and 1,400 square feet will be available for retail, including a 1,200-square-foot corner space. Schultz added that some of the ground-floor residential units along Burnside will have patios.

鈥淭hose could be converted to retail in the future 鈥� or live-work units,鈥� he said.

The exterior facade will feature a combination of weathered steel and wood siding for a modern, industrial look.

In terms of parking, the site benefits from a 9-foot drop in slope from Burnside Street to Couch Street. The fact that the team will need to remove some silty soil from the grounds made it easier to decide to tuck parking underneath the building.

The building will have approximately 200 bike parking spaces, a roof-top deck and on-site stormwater management. It will be built to Leadership in Energy and Environmental Design standards, but Desbrow said a rating will not be pursued.

The plans appeal to Steve Russell, the land use chairman for the Kerns Neighborhood Association, and others in the vicinity.

鈥淚 think in general the neighborhood likes the project; it鈥檚 a good location for it,鈥� Russell said. 鈥淧eople are happy about the fact that it has parking. They鈥檇 like to see more, but that鈥檚 probably always the case.鈥�

Russell said he is aware of only two zoning exceptions being sought by the development team: permission to include one loading zone instead of the two required, and permission to exceed the height limit to accommodate an elevator shaft.

Desbrow said the team will seek a conventional construction loan and then begin presenting the project to underwriters in the next couple of weeks. He hopes to begin construction early this summer.