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Hundreds more apartment units planned in Northwest Portland

By: Lee Fehrenbacher//March 19, 2014//

Hundreds more apartment units planned in Northwest Portland

Lee Fehrenbacher//March 19, 2014//

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The Las Vegas development company constructing a four-building, 220-unit apartment complex in Northwest Portland is looking to double down.

has applied to discuss with the city its plans for two new, six-story apartment projects on either end of Northwest Riverscape Street that together would total 420 units. The first development would have 150 units and be located on the vacant lot (Lot 1) between Northwest 15th Avenue and the Fremont Bridge. The second building would have 270 units and occupy the vacant lot (Lot 8) at the north end of Northwest Riverscape Street. Both projects call for below-grade parking.

The land previously was controlled by an entity associated with Apollo Development, which built the adjacent Riverscape townhomes before losing the properties to foreclosure in 2008. An affiliate of Vancouver, Wash.-based Holt Homes began acquiring the distressed properties in 2010, and sold the four middle lots (Lots 9-12) along Northwest Riverscape Street to Fore Property for development.

Holt’s affiliate still owns Lots 1 and 8, according to city records; however, NAI Norris, Beggs & Simpson had previously listed them for sale for $3.5 million and $6.5 million, respectively.

A representative of Holt Homes said last year that the company would likely sell the two remaining properties to interested developers. Fore Property could not be reached immediately for comment.



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