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Ecliptic Brewing, one of Portland’s newer brewpubs, may gain some neighbors soon.

In late 2013, Ecliptic opened for business on the southern portion of the block surrounded by North Mississippi and Albina avenues, and Fremont and Cook streets. Now, Wilsonville-based Marathon Acquisition & Development is under contract to purchase the northern portion of the property. It has a 7,500-square-foot vacant warehouse building; however, zoning is for mixed-use residential, and Marathon is considering construction of a new 50-unit apartment building.

Marathon Vice President Aaron Wigod said proximity to downtown Portland and Legacy Emanuel Medical Center make the property an ideal location for housing. Its position at the top of a slight rise also offers prime opportunities for views of the city.

“It should make for a very attractive place to live,” Wigod said. “Ecliptic is also a great amenity to have.”

Marathon isn’t the only development company zeroing in on the neighborhood. Winkler Development Corp. is weighing whether to pursue an approximately 150-unit project across the street, on the west side of North Mississippi Avenue.

Wigod said Marathon’s project is likely to include one level of subterranean parking, a commercial podium with 6,000 square feet of retail space, and three floors of housing. Also, a 4,000-square-foot rooftop deck is being considered.

Underground parking can be expensive, but Wigod said it’s feasible for Marathon because of its vertically integrated business model (from development to property management) and its strategy of holding assets for the long term.

Gene Bolante, principal of Salem-based Studio 3 Architecture, recently requested a pre-application conference to discuss the project with city staffers. Joe Nydahl, a Hendricks-Berkadia vice president, helped broker the transaction. The lot is currently owned by real estate investor Brian Wannamaker through an affiliated limited liability corporation.

Wigod is looking to break ground by late this year or early next year. He said multifamily projects nowadays are challenging.

“Land and construction costs are getting expensive,” he said, “but with good locations they still work.”