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The nature of the Lloyd District will go through big changes in the coming years that will make it more of a residential community, starting with the Velomor, which is opening this week.

Wade Lange, vice president and regional manager of American Assets Trust, said the 177-unit Velomor is the first completed structure of three apartment buildings planned for the Hassalo on Eighth development.

鈥淭his used to be a parking lot and now we are creating a neighborhood,鈥� Lange said. 鈥淧eople look at the Lloyd District as a business district, but now we’ll have street traffic in the evenings and on weekends.鈥�

Covering four city blocks, Hassalo on Eighth will eventually build out to 657 housing units and a 1,200-car, three-level underground parking garage with public bike parking for 1,000 bicycles.

The Lloyd District for years has been dominated by office space, said Stephanie Shaffer, senior residential asset manager for the developer, but will now become more of a residential neighborhood. Hassalo on Eighth will also include renovation work on the Lloyd 700 office tower, which will remain open during construction, she said.

But for now, Shaffer’s focus is on the Velomor opening.

鈥淛uly 2 is the opening day for Velomor with a big portion of the plaza courtyard opening in about a week,鈥� she said.

The next two apartment buildings to be finished, the Elwood and the Aster, will open Oct. 2.

The Velomor contains studio units as well as one- and two-bedroom apartments. Studio units begin at 558 square feet for $1,298 per month. The two-bedroom units, which start at 1,179 square feet, range from $2,437 to $2,812 per month.

鈥淲e have housing for empty nesters and for people just starting out,鈥� Shaffer said. 鈥淎nother great amenity is that we’re right on the corner of the MAX and streetcar right outside our front door, one of the best transportation hubs in Portland.鈥�

Lange said he hopes to attract more retail for the mixed-use portion of Hassalo on Eighth and attract a grocery store to anchor the ground floor of the Elwood apartment building.

The Velomor’s mostly white walls and spots of bright color give the new building a spacious feel. Each floor features a large original piece of art supplied by Vida Designs, Shaffer said.

Building amenities for residents include a roof-top garden area and seating area that looks down on a large grassy courtyard at ground level, and a fenced dog park.

One unusual feature of the Velomor and the whole Hassalo on Eighth development is its on-site water treatment facility called NORM, which stands for Natural Organic Recycling Machine. The machine will recycle all of the gray and black water from the apartment buildings, which will then be used for irrigation and cooling.

鈥淭he city gave us some discounts for using NORM,鈥� said Kyle Andersen of GBD Architects.

The building is aiming for a LEED platinum rating.

Turner Construction is the general contractor with building design by GBD Architects. Engineers on the project include Glumac, KPFF Consulting Engineers, Harper Houf Peterson Righellis and Geotechnics LLC. Place Studio LLC is the landscape architect. Biohabitats Inc. engineered the wastewater system and reuse system for water conservation. Puttman Infrastructure will operate the wastewater system.